SkyPeople Fruit Juice reports Q2 gains14 August 2012Chinese fruit juice maker SkyPeople increased revenue by 5.1% to $12.8 million in the second quarter but sales and profits for the year remain significantly down. Gross profit in the quarter reached $4.2 million, an increase of 1% year-on-year. SkyPeople said that it benefited from a 97.5% increase in concentrated pear juice sales while fruit juice beverage revenue was up 17.2%. Gross profit margin was 33% as compared to 34% for the same period of 2011. Revenue for the six months decreased 12% to $27.8 million, down from $31.6 million for the same period of 2011. Gross profit decreased 30% to $9 million from $12.8 million and operating income declined 42% to $5.5 million. “The Company generated sound financial results for the quarter as the diversification of our product mix has continued to help offset the volatility associated with specific product growing seasons." Mr Yongke Xue, Sky People’s chief executive. "We were able to generate healthy growth and margins in our pear juice segment, in particular, and continue to seek additional product categories where we can leverage our core competencies and secure growing and stable cash flow. “We foresee continued favorable results as this downstream integration of our business further diversifies our product mix and capitalizes on the trend toward healthy nutrition in the market place," added Xue. | |
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