Chinese corn processor Global Bio-Chem Technology Corp has reported a 29% rise in 2003 earnings due to higher sales volumes and product prices.

The company posted net profit of HK$521m (US$66.8m) for 2003, meeting analysts’ average forecast of $520m, reported Reuters. Global Bio-Chem posted net profit of $405.1m in 2002.

The company produces corn-based biochemical products, corn starch, gluten, sugar derivatives, corn oil and feed.