New Dragon Asia Corp, the third largest instant noodle producer and flour manufacturer in Mainland China, expects revenues for 2001 to be in the US$31-$32m range with net income of US$4-$4.2m or US$0.1 per share.
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The company will announce its final results for the year ended 31 December 2001 by the end of March when it will also file its 10K with the Securities and Exchange Commission.
Willie Lai, CFO for New Dragon, said: “New Dragon is well-positioned to capitalize on the rapidly growing market of instant noodles, a staple fast food in Asia.
“The market for instant foods in China is expected to grow 25% over the next year.”
For 2002 the company is projecting revenues in the range of US$62m to US$65m, an increase of almost 100% and net income of approximately US$6.7m or US$0.16 per share, a growth rate of at least 60%. The company expects to have revenues in excess of US$100m for 2003 and net income of approximately US$8.5m.
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By GlobalDataLai added: “We have a targeted strategy to acquire additional plants with regional brand recognition to increase our market share in China and build on our number three position among Chinese instant noodle manufacturers.
“We also plan to increase our growth in the Chinese market through affiliation with major multinational food processors. In addition, we are looking for strong organic growth of our products and increased operating efficiencies which will significantly improve operating margins.”
New Dragon operates four food-processing plants on Mainland China and has a well-established network of 200 distributors and 20 regional offices in over 27 Chinese provinces, together with a premium quality and well-established brand name.
