date:May 11, 2012
Chinese pork group Zhongpin has seen its first-quarter profits drop almost 30% drop despite a 31% jump in sales.
Net income fell 27.8% to US$12.2m in the three-months to the end of March. Earnigns per share fell 29.8% to $0.33, from $0.47 in the comparable period of last year.
However, sales rose by 31% in the quarter, climbing to $374.1m, the group added.
Commenting on the result, chairman and CEO Xianfu Zhu said the competitive nature of the consolidating Chinese pork sector and the battle