China Nutrifruit said it achieved a “record financial performance” in fiscal 2011 and plans to further expand production capacity in 2012.
For the fiscal year to the end of March, net profits climbed by 28.6% to US$24.7m. Operating earnings rose by 29.6% to $33.4m.
Go deeper with GlobalData
Net sales rose by 19.3% in the period to reach $87m.
In the fourth quarter, net profits rose 42.1% to $9.5m, while operating profits climbed 44.8% to $12.9m. Sales in the quarter reached $32m, a 21.1% increase on the prior-year period.
“In fiscal 2011, we achieved record financial performance and reported double-digit growth in revenue and net income,” said China Nutrifruit’s CEO, Changjun Yu. “We expect continued strong financial performance in fiscal year 2012 largely driven by anticipated growth in demand for our products combined with launch of our new fruit and vegetable powder products and concentrate paste products.”
The firm is currently constructing a concentrate paste production facility in Zhaoyuan, Heilongjiang Province. Trial production on the facility is expected to begin next month. The plant will have an annual production capacity of 9,600 tons.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalDataChina Nutrifruit is also making technological upgrades to its glazed fruit production line in Daqing and concentrate juice production line in Mudanjiang. Completion is also expected next month. The upgrades are expected to expand capacity by 50% to 9,000 tons annually.
For fiscal 2012, the company has forecast revenue growth of around $110m to $113m and net income of around $29m to $30m.
