Chinese infant nutrition group Feihe International has booked an increase in third-quarter profits,which it said were"significantly better"thanks to a focus on higher-margin products.
In an earnings release on Friday(9 November),Feihe said net profit rose to US$7.5m,up$7.1m from the comparable period of last year when a tax expense hit the bottom line.Sequentially,earnings were up 29%from the second quarter of this year.
The company said the gain was driven by gross margin,which rose to 54.9%from 35.5%as Feihe focused on higher-margin quality products.Sales during the period were also up,climbing 4.3%to$66.1m.
Source:
http://www.just-food.com/news/feihe-net-profit-significantly-better_id121156.aspx
