Zhangzidao Profit Wiped Out After Scallop Scandal, Posts Loss of $186 Million
SEAFOODNEWS.COM [business.sohu] Translated by Amy Zhong - March 22, 2015
The net profit of Zhangzidao - rebranded as Zoneco, has crashed after the scallop scandal. On Feb 28, Zhangzidao released the preliminary estimate of its earnings in 2014 when it was trapped in the scallop scandal. And the company’s performance is as bad as expected. Although its revenue is 2.662 billion yuan in 2014 ($US 429 million) with a slight increase of 1.58% compared with the previous year, its net income available to common shareholders suffered a loss of 1.156 billion yuan ($186 million)...
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