CHINA: China Nutrifruit reaffirms FY guidance
China Nutrifruit Group has reaffirmed its sales and profit guidance for fiscal year 2011 and said it holds a "positive" market outlook for its fruit and vegetable powder segment.
In a statement today (19 January), the New York-listed business reaffirms its guidance for fiscal year 2011 for revenue in the range of US$90-95m and net income of $22-23m. The firm also said it has put back the final phase to install equipment of its new fruit and vegetable powder production facility until March, as a result of "difficult weather conditions" in Daqing.
Changjun Yu, chairman of China Nutrifruit, said that the delay is not expected to materially affect its 2011 fiscal year results.
"In fiscal year 2011, we benefited from increased average selling prices of our products and positive market demand for our new seabuckthorn and blackcurrant glazed fruit products introduced in September 2010," Yu said. "We believe these positive developments will enable us to meet our financial guidance. We also continue to hold a positive market outlook for our fruit and vegetable powder segment, which is expected to drive our revenue growth and profitability to the next level in fiscal year 2012."
The company said it expects "higher average selling prices" of its products and increased production of the new glazed fruit products, including seabuckthorn and blackcurrant, to offset the loss in revenue and net income from the new fruit and vegetable powder line in 2011.
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