China's Zhongpin releases earnings forecast for FY 2010

Zhongpin Inc, a major Chinese meat and food processing firm, has issued earnings forecast for fiscal year 2010 on Monday (Jan 11).

Zhongpin said it expects earnings in the range of US$52 million to US$57 million for the year 2010.

Sales revenue for 2010 is expected to be within a range of US$900 million to US$940 million, with gross profit within the range of US$106 million to US$115 million.

Zhongpin earlier said that it expects to expand its distribution channels and develop new markets in 2010. This year, pork demand is expected to be higher and there will be an accompanying upward trend in hog and pork prices.

Meanwhile, the company has recently started production in its new Changge plant which has an annual capacity of 36,000 tonnes for prepared pork products. This is in addition to the 90,000 tonnes of annual capacity in its three Changge plants for prepared pork products.