CHINA/US: Kiwi concentrates boost SkyPeople profits
Profits up 52% on 2008
SkyPeople Fruit Juice, the US-listed drinks firm that operates in China, has reported a jump in full-year net income driven by sales of higher margin kiwifruit concentrates.
For the 12 months of 2009, net income totalled US$15.2m, a 51.7% increase on 2008.
Net sales for the year amounted to $59.2m, up 42.3% from 2008.
Sales of the company's kiwifruit juice concentrates increased 55.3% year over year. An additional contributor included sales of fresh kiwifruit, packaged and sold under the company's SkyPeople Juice Group brand, to domestic supermarket chains and distributors throughout China.
Operating income totalled $20.9m in 2009, a 59.5% increase on the prior year.
For the fourth quarter, sales reached $35.8 million, up 86.5% on the comparable period of 2008. Net income amounted to $10.2m for the quarter, 67.2% increase on the prior year.
Yongku Xue, chairman and CEO of SkyPeople, said the fourth quarter of 2009 was the “largest” quarter in the company's history.
“Our decision to focus on domestic sales of our concentrates and branded juices helped us weather the downturn in the export markets during 2009 and confirmed demand for our products in China,” Xue said.
“As export markets continue to rebound, we are encouraged by the momentum, however remain focused on strategies and plans to increase sales of concentrates and Hedetang juices in China.”
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