American Lorain Corp., a Chinese snacks maker, has reported accelerating sales and profit growth in the last three months of 2009 as the company continued to expand its retail listings.
The company, which also makes convenience and frozen food, yesterday (29 March) booked an 11% increase in fourth-quarter sales to $62.9m. Annual turnover stood at $146.8m, up 10.9% on the year.
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American Lorain reported a 9.1% rise in operating income to US$9.4m for the fourth quarter of last year. Annual operating income was up 8% at $22.6m.
However, the group reported a 1.5% fall in fourth-quarter net income to $6.3m. Over 2009 as a whole, net income dropped 2% to $14.4m.
Nevertheless, chairman Si Chen said American Lorain had put itself in a position for further growth this year.
“During 2009, we were able to innovate by developing and launching new products, expand our production capacity, grow our customer base and adopt new distribution and marketing strategies, which has laid a foundation for future growth opportunities. Despite a challenging year for food manufacturers in China and particularly those with export exposure, we were able to generate modest growth for the year while positioning the company to grow at a faster rate in 2010,” Chen said.
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By GlobalData
