China Nutrifruit begins 2011 production cycle
Specialty fruit-based product producer China Nutrifruit Group Limited (NYSE Amex: CNGL) commenced its fiscal year 2011 production cycle on the 23rd of last month.
"We expect to achieve optimum utilization levels for each of our existing production lines, including the newly upgraded concentrate juice lines. We are experiencing strong market demand for our products and are optimistic about the launch of our fruit and vegetable powder products in September 2010. Our new fruit and vegetable powder products along with our recently introduced blackcurrant and seabuckthorn concentrate juice products will positively contribute to our revenue growth and profitability in fiscal year 2011," said chairman and CEO of China Nutrifruit Mr. Changjun Yu.
The market is not as convinced about China Nutrifruit`s prospects, however, as the company`s share price fell by almost 1.5% this morning to $3.16.
Through its subsidiary Daqing Longheda Food Company Limited, China Nutrifruit develops, processes, markets and distributes a variety of food products processed primarily from premium specialty fruits grown in Northeast China, including golden berry, crab apple, blueberry and raspberry.
Currently, the company has established an extensive nationwide sales and distribution network through 20 provinces in China.
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