Profits fell even as revenues soared at one of the leading local companies farming salmon in China.
Gansu Wen Xiang Fishing Industry Co., also known as Gansu Wen Xiang Eco Fishery Co Ltd., recorded a net profit of CNY 1.3 million (USD 188,440, EUR 161,540) in the first six months of 2018. The result a sharp drop from its net profit of CNY 2.7 million (USD 387,110, EUR 331,860) for the same period last year.
The company’s revenues for the first half of 2018 stood at CNY 19.5 million (USD 2.9 million, EUR 2.4 million), up from CNY 13.8 million (USD 2 million, EUR 1.7 million) in the same period last year.
Founded in 2011 in China’s landlocked northwestern province of Gansu, Wen Xiang listed in 2016 and distributes nationally and online.
Listed on China’s enterprise board for small- and medium-sized firms, Gansu Wen Xiang’s results offer a glimpse into the scale and profitability of the local salmon/trout farming scene. The modest profit figures bely the limited scale of such companies, which have been enmeshed in a national controversy surrounding the labeling of freshwater trout as salmon.
