Peru tangerines

China Fruits Corporation (CHFR), a US-listed holdings company, has announced its total gross revenue hitUS$5,850,335for the first quarter (Q1) of 2015 (ending 31 March), down on the US$8,015,860 it recorded over the corresponding period of 2014.

The company, which specialises in the production and distribution of fresh tangerines and other fresh fruits, attributed the fall to a decrease in revenues from overseas markets.

“After the expansion in our network of franchise retail stores, we switched our focus from the overseas markets to the domestic market,” Quanlong Chen, chairman and chief executive of China Fruits Corporation, was quoted by PR Newswire. “In 2015, we will focus on developing our markets inNanchangandHangzhouto expand our franchise retail stores. The 2015 target number of retail stores throughout China is expected to grow to 135 in 2015.”

Revenue from CHFR’s franchise stores rose to approximatelyUS$4m over Q1 in 2015, an increase of 78 percent compared to the same period in 2014. The company’s new e-commerce trade also performed well over Q1, with revenue from the sector topping US$1m.

CHFR posted a net loss ofUS$802,846over the Q1 2015, compared to net income ofUS$114,711last year.