August 11, 2010

Zhongpin's Q2 profits grow on higher pork sales

Chinese meat processor Zhongpin said Monday (Aug 9) that its net income rose 16% to US$12.4 million during the three months to the end of June due to higher pork sales.

Net revenues were up by a third at US$215.1 million during the second quarter.

Chairman and CEO Xianfu Zhu said: "Our second quarter continues our good long-term trend of higher sales and net income. The consistency of our operating and financial performance comes from our established strategy, business model, and effective execution. Our primary goal is to become a major national pork producer in China and, at the same time, to increase value for our shareholders."

In June, Zhongpin said it would start building a pork plant in the city of Jiangyan in China's eastern Jiangsu province. In April, the company opened a pork oil production facility.

During the last quarter of 2010, Zhongpin plans to start building the "second phase" of its pork plant in Tianjin in the north of the country.