November 17, 2010

Yanglin Soybean posts US$9.48-million Q3 net income

Yanglin Soybean, Inc. has posted a net income of US$9.48 million, or US$0.32 per diluted share, for the third quarter ended September 30, 2010.

Over the same period of the previous year, the China-based soy processor has a net loss of US$2.54 million, or US$0.13 per diluted share. For the third quarter of 2010, the company's net sales were US$37.42 million, compared with US$39.57 million for the third quarter of 2009.

Net income for the nine months ended September 30, 2010 was US$16.03 million, or US$0.53 per diluted share, compared with US$19.81 million, or US$0.62 per diluted share, for the nine months ended September 30, 2009.

For the nine-month period of 2010, net sales were US$121.44 million, compared with US$122.36 million for the same period of 2009.

"Yanglin has endured difficulties under the unfavorable pricing environment for our raw materials as well as for our end products. Despite the price squeeze by the Chinese government's guided price of domestic soybeans, which was a prerequisite for domestic soybean processors to obtain the subsidy announced by the government in the end of November 2009 and thus pushed soybean prices above normal market level, we ended the third quarter 2009 with approximately US$28.7 million in cash and a still-untapped credit line of approximately US$73.6 million," said Shulin Liu, CEO of Yanglin Soybean Inc..