China Green Holdings profits up 27% on corn sales

China Green Holdings (0904.HK) reported a 27% rise in annual profit shortly after a record dive in the company’s stock price, Bloomberg reported. The 45% plunge in the value of the company’s shares on the Hong Kong Stock Exchange was caused by China Green Holdings’ announcement that publication of results would be delayed because its auditor needed more time. According to the results, net income rose to US$85 million for the fiscal year ended April 30, up from US$66 million the year prior. Profits were driven by increased sales of sweet corn, corn milk, fruit juices and mushrooms, the company said. Sales climbed to US$279 million compared with US$220 million the previous year. The company gave no further details regarding the delay of its earning statement.