Speciality fruit-based product provider China Nutrifruit Group Ltd has announced modest sales growth for the first quarter of its fiscal year.
Net sales rose by 6.9% to US$10.3m year-on-year, while net income increased 0.4% to $1.8m in the quarter. Operating earnings rose 11.9% year-over-year to $2.7m, with an operating margin of 26.4%.
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Yu Changjun, chairman and CEO of China Nutrifruit, said: “Historically, we experience modest growth in net sales and profitability in our first fiscal quarter as we primarily engage in selling remaining inventory from the previous year’s production season.
“Our newly introduced sea-buckthorn and blackcurrant glazed fruit products continued to benefit from strong market demand and as a result we recorded an increase in net sales, demonstrating our strong capability in diversifying our product portfolio.”
The company has plans to introduce several new lines during production season, including fruit and vegetable powder products, concentrate paste, dried fruits and cherry tomato glazed fruit products. It has also recently upgraded its glazed fruit production lines in Daqing and installed extra processing equipment at its concentrate juice production lines in Mudanjiang
“Due to our solid market position, coupled with our product diversification and capacity expansion initiatives, we expect to achieve strong revenue and net income growth in fiscal year 2012”, added Mr Yu.
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By GlobalData
