30th Jun 2016 16:37
LONDON (Alliance News) - Taihua PLC on Thursday said it swung to a loss in 2015 due to a reduction in the volume of its forsythia harvest as a result of poor weather conditions.
The pharmaceutical ingredients and traditional Chinese medicines producer said it made a pretax loss of CNY30.6 million in 2015, having made a CNY4.5 million pretax profit in 2014, as revenue fell to CNY34.2 million from CNY50.9 million.
Taihua said 2015 was a challenging year with a significant, weather-induced, reduction in forsythia harvest. Forsythia tonnage fell to 704 tonnes from 1,146 tonnes. It had warned in May that its forsythia plantation experienced snow in the Qingling Mountain, where the plantation is based.
Shares in Taihua closed down 19% at 1.51 pence on Thursday.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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