Zhongpin Q1 Net Income up 37%

Zhongpin has reported a 37% increase in Q1 net income of $13.3m from $9.7m a year ago.

The Chinese meat and food processor said its net sales revenue increased 32.8% in the quarter ended 31 March 2010 to $204.3m from $153.8m on a year-on-year.

Zhongpin’s net sales revenues also increased 32.8% to $204.3m from $153.8m in the first quarter 2009.

In March 2010, Zhongpin started the expansion of the Anyang pork plant to increase its capacity by 35% for chilled pork.

Its pork oil plant in Changge, which opened in April, will annually increase its annual capacity by 20,000t of oil.

By end 2010, Zhongpin expects its annual capacity of chilled and frozen pork to reach 563,760t and 126,000t for prepared pork products.