China-based meat processor Zhongpin Inc. announced on Tuesday that its fourth quarter revenues rose considerably due to higher pork prices.
For the quarter ended December 31, the company reported net income of USD5m, or 17 cents per share, compared to a loss of USD1.5 million, or 7 cents per share in same quarter a year previously, which was caused by a registration penalty at the time.
Sales more than doubled to USD100.6m from USD47.7m in the fourth quarter of 2006. Market expansion and a rise in the price of pork products in China were the factors contributing to the sales increase.
The company’s chilled pork division – which made up slightly more than half of the company’s overall revenue in the quarter – more than doubled.
For the year, profit jumped to USD18.5m,or 80 cents per share, from USD4.1m, or 20 cents per share in 2006.
â€¢ Zhongpin Inc