Chinese convenience food firm American Lorain has seen its fourth-quarter earnings growth slow but still saw annual profits jump by more than 50% in 2008.
The company, which is based in China’s Shandong province, reported net income of US$14.7m for 2008, compared to $9.7m a year earlier. Annual sales climbed 61.2% to $132.4m.
Fourth-quarter net income increased 5.4% to $6.4m, as revenues soared by more than two-thirds to a “record” $56.7m, American Lorain said.
Chairman and CEO Si Chen said the company would look to add more products to its convenience food portfolio in a bid to reduce the “seasonality” of its revenue.
Chen said growth from its convenience foods and from its chestnut products means the company expects “lower double-digit or high single-digit revenue growth in fiscal year 2009”.