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Asia Bio-Chem Group at New 52-Week Low After Soaring Corn Prices Pop Q2 Margins

Asia Bio-Chem Group (ABC.TO) is off nearly 15% at 58 cents a share, a new 52-week low, after reporting Q2 reduced net income compared with year-ago levels despite record revenues of $68.7 million during the quarter.

The agricultural processing firm said the bottom line suffered from higher selling and general expenses as well as soaring corn prices paring gross margins by 12.2% in Q2. Net income for the period was $1.3 million, or 2 cents a share, compared to a $4.5 million profit during the April to June quarter of 2010.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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