Zhongpin Inc., a meat and food processing firm in China, reported higher revenues, net income and diluted earnings per share in the first quarter of 2010 compared to the first quarter of 2009. The company credits expanding operations for the increase, despite a 10% decline in hog and pork prices.
Net sales revenues rose 32.8%, or $204.3 million in the first quarter of 2010 compared to $153.8 million the same period a year ago. Net income went up 37.1% to $13.3 million from $9.7 million, while basic and diluted earnings per share increased 15.2% to $0.38 from $0.33 cents.
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