China''s Zhongpin Pork Processor''s Net Income Rises
May 10, 2010
According to the Associated Press, Chinese pork processing company Zhongpin Inc. said that its net income rose 37 percent in the first quarter as its sales rose. For the three months that ended March 31, the company earned $13.3 million, or 38 cents per share. That compares with $9.7 million, or 33 cents per share, in the first quarter of 2009. Quarterly revenue was $204.3 million, up from $153.8 million. The company said it is continuing its strategy this year of increasing production capacity and building its brand recognition. In January, the company began production at a chilled and frozen pork plant in Tianjin, and the plant is to reach capacity in the third quarter. It also is building another facility in Tianjin. It began work in March on expanding capacity by 35 percent at its chilled-pork plant in Anyang. The project is to be completed by July.