China Nutrifruit's Q3 net income down to $3.3m
Published:23-February-2009
By Datamonitor staff writer
Net income for the first nine months of fiscal 2009 up 14.4%
China Nutrifruit, a producer of fruit based products, has reported a net income of $3.3m, or $0.09 per fully diluted share, for the third quarter of fiscal 2009 ended December 31, 2008, compared to pro forma net income of $4.1m, or $0.13 per fully diluted share, for the third quarter of fiscal 2008.
Net sales for the three months ended December 31, 2008 increased $0.5m to $13.9m, up 3.7% from pro forma net sales of $13.4m in the three months ended December 31, 2007.
For the first nine months of fiscal 2009, net sales were $36.2m, up 33.3% from pro forma net sales of $27.2m in the first nine months of fiscal 2008. Net income was $9.9m, or $0.51 per fully diluted share, up 14.4% from pro forma net income of $8.7m, or $0.28 per fully diluted share, in the first nine months of fiscal year 2008.
Jinglin Shi, CEO of China Nutrifruit, said: "During the quarter, total sales volume increased only slightly as our distributors became more cautious in building up inventory of our nectar and glazed fruit products in light of the global economic contraction. As a result of the relatively slow sales growth in one of our seasonally strongest periods of the year and our larger operating infrastructure, we experienced lower profitability in the third quarter of fiscal 2009."
