Chinese meat processor Zhongpin today issued its full-year profit outlook for 2010, with net income seen as high as US$57m.
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For the year ending 31 December, the firm said it expects sales revenues to be within a range of $900m to $940m, with net income expected in the range of $52m to $57m.
Gross profit is expected within the range of $106m to $115m. The resulting diluted earnings per share for the year 2010 is expected to be within the range of $1.49 to $1.64 per share.
The guidance, the firm said, is based on higher average pork prices in 2010 than in 2009 and higher sales volume of the firm’s pork products, led by chilled pork products.
Zhongpin said it believes that China’s food processing industry will continue to consolidate, which may result in higher market shares for its main competitors.
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By GlobalData“However, we believe Zhongpin is equipped to meet the challenge of increasing competition and that our guidance for 2010 can be achieved,” the firm said.
