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Smithfield Foods profit leaps on higher prices, demand for swine

WASHINGTON -- Smithfield Foods, the U.S. pork giant owned by China's WH Group, said Monday its second-quarter profit more than quadrupled on higher hog prices and strong pork demand worldwide.

Smithfield Foods reported record net income of US$142.9 million in the April-June quarter, up from US$32.4 million a year ago.

Sales rose 14 percent to US$3.8 billion.

Smithfield said its solid earnings in part reflected tight hog supplies due to the deadly PEDv pig virus and robust demand both in the U.S. and internationally, which pushed hog production profit margins to record levels.

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