Increased sales across its business has driven a rise in third-quarter profits at Chinese food group American Lorain Corp.
The company yesterday (15 November) reported a 39.1% jump in net income to US$7.1m for the three months to the end of September.
Go deeper with GlobalData
American Lorain said its net income was helped by proceeds from the sale of land assets but, excluding that transaction, earnings were still up 6%.
Sales climbed 15.7% to $55.6m, with sales up in all three of the company’s product divisions – chestnuts, convenience food and frozen food.
Chestnuts account for 44% of sales, convenience food generates 40% of turnover and frozen food makes up the remainder. The proportion accounted for by convenience food increased by 1.5 percentage points in the third quarter and CEO Si Chen said the division would continue to grow in the fourth quarter.
“We believe the largest contributor to our growth in the fourth quarter will be the continued expansion of our convenience foods segment, as well as the chestnut food segment which is seasonally strong in the fourth quarter,” Chen said.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalData
