China Food Co., a Chinese manufacturer of cooking and dipping sauces, is predicting a jump in sales for 2011.
In a trading update today (15 December), the UK-listed company forecast overall revenues for the year to 31 December to GBP40m (US$62.2m), up from GBP35.9m in 2011.
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Revenues from the Company’s core soya sauce products are expected to show growth of in excess of 20%. It expects to have 92 regional distributors for Xaka by the year end, up from 71 in mid-November.
China Food says it expects profit before interest and tax to be approximately GBP1m. In 2010, the company reported profit before tax of GBP3.8m. It said profits in 2011 would be hit by a GBP3.5m investment in the branding and launch of Xaka soya sauce.
The company also announced it remains in discussions regarding the disposal of its animal feed business and is currently reviewing the management team.
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“The company expects to start 2012 with good momentum and will update shareholders on further progress and the outlook for 2012 following Chinese New Year in late January,” China Food Co.
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