CHINA: Fruit juice demand boosts China Nutrifruit profits
China Nutrifruit has booked an increase in full-year sales, boosted by continued strong consumer demand for its premium fruit and fruit juice products.
For the fiscal year ended 31 March net profits reached US$19.2m compared to $4.5m in the prior year.
Net sales increased 29.2% to reach $72.9m, primarily due to the increased sales volume of the company's glazed fruit, concentrated juice and concentrated pulp products.
Operating income increased to $25.7m from $9.3m in the prior year.
"We are very pleased to have finished fiscal year 2010 with exceptional top line and bottom line performance, highlighted by full year operating margins of over 35% and net income and EPS that exceeded expectations,” said Changjun Yu, chairman of China Nutrifruit.
“Our performance this year was driven by continued strong consumer demand for the premium fruit and fruit juice products due to stronger domestic consumption and a growing focus on healthy living," he added.
The company affirmed its previously issued fiscal 2011 guidance of $90-$95m in revenue and net income of around $22-$23m.
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