China Minzhong Food Corporation said net profit for the first quarter ended 30 September 2012 (1Q FY2013) increased 30.6% to RMB121.6 million ($23.9 million), compared to RMB93.1 million in the previous corresponding period.
For the 3 months ended 30 September 2012, group revenue increased by 69.7% to RMB613.4 million, driven by better performances across both the Cultivation and Processed business segments. As a proportion of sales, contributions from the Processed business segment rose to 57.3% (1QFY12: 42.7%) on the back of higher sales for the group’s branded beverages categorised under other processed products. The Cultivation business segment (comprising of fresh vegetable produce and mushroom spores) accounted for the remaining 42.7% of sales.
Revenue from processed vegetables increased by 80.9% to RMB240.2 million, underpinned by new customers for the export markets and sales spill over due to the delay in the champignon mushroom harvesting season from last financial year. Revenue for other processed products grew 421.6% to RMB111.1 million, mainly due to strong domestic demand for our branded products such as vegetables and fruits beverages.
Revenue from fresh vegetables produce rose by 22.6% to RMB192.0 million, mainly due to contributions from new farmland which have not yet turned productive in 1QFY12. Revenue from mushroom spores trading also grew by 38.4% to RMB70.2 million, reflecting strong end demand for the group’s champignon mushroom products.
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