Chinese meat processor Zhongpin has booked an increase in first-half profits and increased its full-year guidance on the back of higher sales in the company’s pork division.
For the six months to the end of June, profits climbed 41.4% to US$36.2m, the company reported yesterday (8 August). Operating profits soared 63.3% to $46.4m.
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Sales in the period jumped by 55.5% to $652.2m.
For the second quarter, profits increased 56% to $19.3m, while operating profits amounted to $23.6m, a 70% increase on the prior-year period. Revenues in the period improved 70% to reach $366.5m.
Zhongpin chairman and CEO Xianfu Zhu said: “Our operations and growth strategy continued on plan in the second quarter. Given our good results in the first half of 2011, we have revised our guidance and have fine-tuned our assumptions supporting our guidance.”
The company said it now expects full-year sales revenues to be within a range of $1.33bn to $1.37bn. Diluted earnings per share are expected to be within the range of $1.80 to $2.05.
The company had previously forecast earnings of $1.66 to $1.91 per share, and revenues of $1.18bn to $1.23bn.
