May 13, 2008

China's Zhongpin posts 68-percent jump in Q1 profits

China-based meat processor, Zhongpin, reported a 68-percent increase in operating profits to US$7.8 million for the first quarter of 2008.

The company's revenue almost doubled, soaring 95 percent to US$108.7 million.

Zhongpin has set higher price for its pork products and also won a number of foodservice contracts during the quarter.

CEO Xianfu Zhu said the first quarter of the year, including the Chinese New Year holidays, is traditionally a strong quarter for the company.