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Want Want China Fiscal Year Profit Drops Amid Declining Sales

By Bingyan Wang


Want Want China's profits declined 20% in the financial year ended March 31 due to falling revenue as China's strict epidemic controls slowed business activity and curbed consumption.

The Chinese beverage and snack maker posted full-year net profit of 3.37 billion yuan ($465.6 million), compared with net profit of CNY4.20 billion the previous year. The fall in profit was mainly due to a 4.4% drop in revenue to CNY22.93 billion as well as a higher administrative expenses.

Revenue from Want Want China's dairy products and beverages segment recorded a mid-teen percentage decline, adding pressure to the group's overall annual performance, said the company in the statement.

"The Group once again experienced the tough challenges of the pandemic" in 2022, said Tsai Eng-Meng, Chairman of the Board and Chief Executive Officer in a statement.

Want Want recommended a final dividend of 2.10 U.S. cents per ordinary share.

Looking ahead, the company sees more opportunities as China emerges from the impact of Covid-19 and vowed to further strengthen its business operations, enhance connections with small-scale retail stores and launch a series of small-pack products.


Write to Bingyan Wang at


(END) Dow Jones Newswires

June 27, 2023 01:05 ET (05:05 GMT)

Copyright (c) 2023 Dow Jones & Company, Inc.

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