Major revenue drop at potato starch manufacturer China Essence Group

China Essence Group Ltd. , a leading manufacturer of potato starch and derivated products in China, recently announced its results for the third quarter (“3Q FY2013”) and nine months (“9M FY2013”) of the financial year ending 31 March 2013 (“FY2013”).

China Essence reported a 58% decline in revenue from RMB590.0 million in 3Q FY2012 to RMB246.2 million in 3Q FY2013. On a nine-month basis, the Group’s revenue fell by 55% from RMB847.8 million in 9M FY2012 to RMB384.8 million in 9M FY2013. The decrease in revenue was caused mainly by a decline in both sales volume and average selling prices (“ASPs”) of its products.

For more details, please refer to the company statements.