China Nutrifruit Q3 Sales Increase 28.4%
China Nutrifruit Group has reported sales of $17.8m for the third quarter ended December 31, 2009, an increase of 28.4% compared to $13.9m for the same quarter previous year.
Net income for the quarter was $4.6m or $0.11 per diluted share, an increase of 44.7% compared to $3.1m or $0.09 per diluted share for the previous year quarter.
The increase in sales was attributable to the increase in sales volume driven by rising market demand and growth in consumer spending. During the third quarter, net sales from concentrated juice products, accounted for 47.2% of total net sales.
Net sales from glazed fruit reached $5.4m contributing 30.1% of the net sales during the quarter compared to 6.1% in the prior year primarily due to increased sales of the company's new blueberry glazed fruit product.
Changjun Yu, chairman of China Nutrifruit, said: China Nutrifruit had a strong third quarter with solid year-over-year growth in both revenue and net income. We experienced a healthy harvest with our facilities operating at a utilization rate in excess of 90%. Our new glazed fruit production line began production in December and will help us meet the growing market demand for our products.
China Nutrifruit plans to construct a new fruit and vegetable powder manufacturing facility in Daqing, Heilongjiang Province with an annual production capacity of 10,000 tons at a total cost of approximately $19.1m. The new facility is expected to begin production in September 2010 and will produce tomato, pumpkin and other fruit and vegetable powders that can be used as ingredients in a variety of food products.
The company expects the new line to contribute approximately $13m to $14m in revenue for fiscal year 2011. In addition, China Nutrifruit is seeking to maximize utilization at its new automated glazed fruit production line.
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