US-listed holdings company China Fruits Corporation (CHFR) has reported a strong financial performance over the 2013 fiscal year (ending 31 December), with year-on-year gross revenue rising 163 per cent to US$9.3m, according to the Wall Street Journal.
Gross profits also increased to US$2m, up 329 per cent on 2012, while net income was US$166,622, comparing to a net loss of US$88,016 the previous year.
“We are pleased to see that the company's profitability is improving with strong growth in revenues and efficient management of cost,” Quanlong Chen, chief executive of CHFR, told the Wall Street Journal. “We recorded operating loss of US$30,708 in 2013, which was a notable improvement from last year's operating loss of US$1,030,806. Our gross profit margin also grew to 22.2 per cent from 13.7 per cent in 2012.”
CHFR is a leading producer and distributor of tangerines, and selected other fruit lines, in China. The company wholly owns two subsidiaries, Taina International Fruits, which is building and operating retail stores across the People’s Republic, and Jiangxi Taina Nanfeng Orange Co.
The company expects 2014 to be another profitable year, as it looks to expand its retail operations in a bid to drive sales growth.
“The increasing traffic in our retail stores has been laying a solid foundation for a sustained growth of our revenues,” Chen said. “As a strategic focus on our development in 2014, we expect to expand our retail stores network via acquisitions of sixty four franchise stores within the year.”
The company has seven retail stores in the Beijing area; two it wholly owns and manages, while the other five are managed by franchisees.
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