Higher pork sales have helped push up quarterly sales and profits at Chinese meat processor Zhongpin.
The company said yesterday (9 August) that its net income rose 16% to US$12.4m during the three months to the end of June. Net revenues were up by a third at $215.1m.
Chairman and CEO Xianfu Zhu said: “Our second quarter continues our good long-term trend of higher sales and net income. The consistency of our operating and financial performance comes from our established strategy, business model, and effective execution. Our primary goal is to become a major national pork producer in China and, at the same time, to increase value for our shareholders.”
In July, Zhongpin announced plans to build a pork processing plant and R&D site in the north-eastern province of Jilin.
In June, the group said it would start building a pork plant in the city of Jiangyan in China’s eastern Jiangsu province. In April, the company opened a pork oil production facility.
For the first six months of 2010, Zhongpin’s net income climbed 25.1% to $25.6m. Revenues jumped 32.8% to $419.4m.
During the last quarter of 2010, Zhongpin plans to start building the “second phase” of its pork plant in Tianjin in the north of the country.