Chicken supplier Yuhe International reaffirmed its full-year guidance on Friday (14 August) as it posted an increase in first-half net income.
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For the six-month period ended 30 June, net income increased 384.1% to US$5m, compared to net income of $1m in the same period of 2008.
Yuhe reported net revenues of $20.7m from $8.2m in the comparable period of 2008 – an increase of 153%.
Operating income for the six-month period rose 339% to $5.3m.
“Selling prices fell in tandem with pork prices, which bottomed out in the first-half of 2009 along with the normal seasonal decline associated with the harvest season,” said Zhentao Gao, CEO of Yuhe. “We believe that demand and average pricing for high-quality day-old broilers will continue to expand in the second-half of the year.”
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By GlobalDataGao said the company expects the third quarter will be its best quarter of 2009 partly due to seasonality.
“We remain confident that we will be able to achieve our fiscal 2009 guidance of $50m in total revenue and $13m in net income.”
