China Swine Genetics Inc. operates through its subsidiaries and joint-venture partner to raise hogs and piglets to distribute to slaughter facilities and pork distributors in the People’s Republic of China. The company recently posted its fiscal 2010 second-quarter results for the three months ended December 31, 2009, reporting impressive increases over the year prior’s results.
“We are very pleased with our second quarter and year-to-date results. Our rapid growth not only underscores the strong demand for our unique mix of breeding swine, but is a testament to our management team and the scalability of our business model,” Zhenyu Shang, CEO of China Swine stated in the press release.
The company’s second-quarter revenues were $23.0 million, up 55 percent from $14.9 million reported for the same quarter of fiscal 2009; net income for the quarter was $4.2 million, up 149 percent over the $1.7 million reported for the same quarter of fiscal 2009.
For the half year ended December 31, 2009, revenue was $44.9 million, an increase of 70 percent over the first half of fiscal 2009; for the six months ended December 31, 2009, net income was $7.8 million, up 141 percent over the first six months of fiscal 2009.
China Swine also achieved improvements in gross margins, reporting gross margins for the second quarter of fiscal 2010 at 23 percent as compared to 16 percent the second quarter of the previous year.
For the six months ended December 31, 2009, gross margins were 22 percent, as compared to 18 percent for the comparable period ended December 31, 2008 – the company attributes the improvements to reduced fodder costs.