REFILE-UPDATE 1-AgFeed Q3 profit declines 65 percent

Tue Nov 10, 2009 2:47pm GMT
 
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(Refiles to correct paragraph five to show shares closed on Monday, not Tuesday)

* Q3 EPS $0.07 vs $0.24 a yr ago

* Q3 revenue falls 9 pct to $45.1 mln

Nov 10 (Reuters) - Animal feed and pork company AgFeed Industries Inc (FEED.O) posted a 65 percent drop in third-quarter earnings, weighed down by higher expenses.

In the latest quarter, the company posted a net income of $2.9 million, or 7 cents a share, compared with $8.2 million, or 24 cents a share, a year ago.

The company said it earned 9 cents a share from continuing operations.

Revenue for the quarter dropped 9 percent to $45.1 million, while operating expenses climbed 29 percent.

Shares of the company closed at $4.63 Monday on Nasdaq. (Reporting by Antonita Madonna Devotta in Bangalore; Editing by Aradhana Aravindan)

 

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