Chinese pork producer reports profits
Zhongpin plans capital projects for expansion.
Zhongpin, among China's biggest pork-product suppliers and the only pork company that trades in the U.S., has announced that its revenue in the second quarter rose 17.7% over the same period in 2008 to $161.8 million, according to a news report.
Prepared pork products were up 54.5% to $20.4 million. Chilled pork revenue rose 15.9% to $83.3 million while frozen pork grew 12.2% to $55 million. The company has said it expects 2009 revenue to reach $780 million to $810 million, up from $540 million in 2008.
It still forecasts full-year earnings of $1.50 to $1.63. The company will reportedly spend $93.5 million over the next 12 months on capital projects. Zhongpin expects pork prices to increase about 10% in the third quarter and then stabilize at that level in the fourth quarter.