China Yingxia International has posted an 826% increase in first quarter sales, which rose to US$1.7m.
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Yingxia, a manufacturer and distributor of organic natural food products and supplements in China, attributed the year-on-year increase to its expanded product mix and improved distribution network.
Gross profit for the first three months of the year totalled $867,785, compared to a loss of $7,840 booked during the year-ago period. Gross margins were 52.3%.
Net income for the three months ended 31 March rose to $551,139 from a net loss of $113,931.
The company added that seasonal factors are known to hamper its performance during the first quarter, meaning that the group’s outlook for the remainder of the year is positive.
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By GlobalData“Although we experienced seasonality in our sales during the first quarter of the year, I am thrilled with our solid gross profit margins and the growth to both our revenues and earnings,” Yingxia Jiao, CEO and chairwoman of China Yingxia, commented.
Looking to the rest of the year, Yingxia said that the introduction of new products and increased distribution is likely to further boost the company’s performance.
Yungxia has reached an agreement with the Chinese Academy of Agricultural Sciences and The Nanjing Agricultural University to obtain the exclusive patent to a new breed of organic rice that helps consumers suffering from nephropathy and diabetes. This rice, the group said, will prove a lucrative revenue stream when the new product comes on-line.
