US: American Lorain Q1 growth driven by convenience
Chinese food manufacturer American Lorain's net income increased during the first quarter as sales in its convenience segment drove growth.
The company announced yesterday (16 May) that net income increased 30.4% over the quarter ended 31 March to US$2.4m. Revenue grew 24% over the quarter to $30.4m.
Sales in its convenience segment were up 41.1% to US$10m, while frozen food sales grew 19.6% to $15m and chestnut sales grew 16.1% to $15m.
Chairman and CEO Si Chen said: "We believe the largest contributor to our growth in the coming months will be the continued expansion of our convenience foods segment, as was the case in the first quarter. We continue to focus on both diversifying our lines to include a wider variety of food products and leveraging our known brand name among different segments, as evidenced by our expansion in the instant rice market."
Chen said the company is "optimistic" about 2011. He said the management team is working to produce greater efficiencies in its operating infrastructure and cost control, which will "help us as we continue to grow".
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