China Modern Agriculture to increase sale price of raw milk, expected to boost profits
China Modern Agriculture (OTCBB:CMCI) announced Monday it plans to increase its sale price of raw milk, expected to add approximately $0.5 million to its quarterly net profit.
The 13.33% hike in the sale price of raw milk follows the direction of the Heilongjiang government's pricing system, allowing the company to raise its raw milk price by 0.3 Yuan per kilogram, to 2.25 Yuan per kilogram, it said.
The Harbin, China-based livestock and agriculture production company said it expects its 2011 fourth quarter net profit to increase by $0.5 million. Its net income for the first nine months of fiscal 2011 already jumped 94% year-over-year, totaling $6.2 million.
China Modern is focused on breeding cows and calves, selling milk and organic fertilizers. As of Monday morning, China Modern was trading at $1.01 per share on the OTC Bulletin Board.
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