CHINA/US: SkyPeople Fruit Juice profits soar in H1
SkyPeople Fruit Juice, the US-listed juice producer operating in China, has recorded a sharp lift in first-half net profits.
For the six months to the end of June, GAAP net profits amounted to US$6.4m, a 120.7% increase on the comparable period of last year. Total sales rose by 141.8% to reach $31.1m, while operating profits in the period climbed to $10.8m, a 260% rise on the prior year.
In the second quarter, profits increased to $4.8m from $1.7m in 2009, while operating profits soared 400% to total $5m. Net sales reached $31.1m from $12.9m last year.
"In the second quarter of 2010, sales of our concentrates and Hedetang juices experienced double-digit growth exceeding management's expectations for the quarter," said Yongke Xue, CEO of SkyPeople Fruit Juice. "Our new product turnjujube concentrate, also contributed to the second quarter and we expect incremental growth going forward.”
The company said it expects revenue and earnings growth to continue through the second half of the year, as it enters its most profitable selling period.
Click here to view the full earnings release.
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