August 10, 2011

Chinese meat processor Zhongpin on Monday (Aug 8) reported a 41.4% jump in first-half profits to US$36.2 million and raised its full-year outlook on stronger performance in the company's pork division.

For the six months to the end of June, operating profits soared 63.3% to US$46.4 million while sales in the period leapt 55.5% to US$652.2 million.

For the second quarter, profits increased 56% to US$19.3 million, while operating profits amounted to US$23.6 million, a 70% increase on the prior-year period. Revenues in the period improved 70% to reach US$366.5 million.

Zhongpin chairman and CEO Xianfu Zhu said: "Our operations and growth strategy continued on plan in the second quarter. Given our good results in the first half of 2011, we have revised our guidance and have fine-tuned our assumptions supporting our guidance."

The company said it now expects full-year sales revenues to be within a range of US$1.33-1.37 billion. Diluted earnings per share are expected to be within the range of US$1.80-2.05.

The company had previously forecast earnings of US$1.66-1.91 per share, and revenues of US$1.18-1.23 billion.