Chinese meat processor Zhongpin Inc reports higher revenues and net income in the third quarter of 2010 as compared to third quarter 2009, according to Meatingplace.com.
The Chinese processor reported net revenue from sales rose to $241.1 million in the three months ending Sept. 30, 2010, up 24 percent from the same period in 2009. Net income rose during the three-month period, to $14.7 million. This represents an 11 percent increase from $13.2 million in 2009.
As of Oct. 31, the company has reached its forecast year-end annual capacities for chilled and frozen pork (563,760 metric tons), prepared pork products (90,000 metric tons),
In the release, Zhongpin noted that hog prices have risen faster than pork prices, though the company expects that pork prices will follow suit to normalize the spread between pork prices and hog prices.