November 23, 2011

Deyu Agriculture posts robust Q3 earnings

Deyu Agriculture Corp, a Chinese producer and distributor of organic and non-organic corn and grain products, has reported a 258% jump in third-quarter net income to US$7.56 million, or US$0.61 per share.

This compared to US$2.11 million, or US$0.18 per share, for the same quarter last year.

Net revenue for the third quarter, 2011, was US$86.62 million, compared to US$20.98 million on-year.

Net income available to common stockholders for the first nine months of 2011 was US$14.01 million, or US$1.15 per share, compared to US$7.55 million, or US$0.85 per share, over the same period last year.

Net revenue for January-September, 2011 was US$180.1 million, compared to US$53.89 million for the nine months ended September 30, 2010.

"We are very pleased with our performance in the third quarter of 2011," said Jianming Hao, CEO and chairman of Deyu. "By recently adding a new warehousing, processing, and logistics centre in Shanxi province, we were able to boost our supply of grains and achieve tremendous growth in our overall sales, gross profit and net income."