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Tonnes of oranges are transported to China Tianyi's processing plant in Wanzhou, Chongqing. File photo
CHINA TIANYI Interim Bottom Line Rises 12.6%
China Tianyi Holdings Ltd's (HK: 756) revenue for the July-Dec 2013 period (1HFY14) jumped 18.4% year-on-year to over 279 million yuan, leading to a 12.6% bottom line increase to over 69 million.The processor and seller of orange juice and its related products, including fresh oranges and orange peels, benefitted from a stronger business environment in its home market.
“China’s domestic consumer market has regained upward momentum in 2013, and along with the gradual implementation of the Twelfth Five-Year Plan, the determination of the PRC government to accelerate urbanization has created huge market demand.
“The rise in per capita income resulted in a higher willingness of Chinese people to increase their spending in pursuit of better living standards, giving rise to profitable business opportunities in the domestic beverage market,” said China Tianyi Chairman Mr. Sin Ke.
Fund managers visiting an orange nursery of China Tianyi. Photo: Aries ConsultingTianyi boasts a total of three production plants strategically located in China’s major citrus growing areas (Chongqing, Fujian and Hunan), and the company adopts an integrated business model as one of the few concentrated orange juice processors operating its own orange farms.
July-Dec 2013 sales derived from 3 segments:
1) Orange juice products, including frozen concentrated orange juice (FCOJ), orange juice pulp and orange fibre: Sales increased from 150.6 million yuan a year earlier to 160.0 million.
Sales of FCOJ increased 35.3% year-on-year to 129.5 million yuan.
2) Fresh oranges: There was an increase in the average selling price and the sales quantities of fresh oranges in the July-December period.
Sales increased by 20.9% year-on-year to 101.4 million yuan.
3) Other products including orange residue, orange baking fillings and OEM of grapefruit juice: Sales amounted to RMB17.9 million.
Tianyi’s gross profit increased 15.6% year-on-year to 91.3 million yuan, while the gross profit margin slipped 0.8 percentage point to 32.7%.
The Board did not declare an interim dividend though it did so for 1HFY13 (HK$1.5 cents a share).
More information can be found in the company's results announcement here.
See also:
CHINA TIANYI Sees Sales Of Frozen Orange Juice Heating Up
