Chinese infant formula producer Emerald Dairy posted record revenue in its third quarter, posting 27% growth on the previous year.
Revenue reached US$12.9m, driven by a 344 metric ton increase in production and shipments during the quarter.
Adjusted net income grew 127.3% to $2m, while EPS was up 100% to $0.06 per share.
The company said gross margin was up 510 basis points to 50.3% due to higher sales of its premium Xinganling brand.
“We had a very productive third quarter on several fronts,” said Yong Shan Yang, CEO and President of Emerald Dairy, “Xinganling continues to demonstrate increasing market preference among consumers and families who are willing to pay a bit more to buy Xinganling versus local and lower end brands.”
Click here for the company’s full earnings statement.