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news.Shengtai Pharmaceutical, a manufacturer and distributor of pharma grade glucose and starch products in China, has reported net sales of $49,044,856 for the three months ended 31 December 2010, an increase 72.03%, compared with the same period in 2009.
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The increase in net sales primarily resulted from increased demand of products in all product lines including glucose products, corn products and increased unit selling prices of glucose and cornstarch products, Shengtai said.
Net income for the three months ended 31 December 2010 was $2,696,468, an increase of $1,644,242 compared with $1,052,226 for the same period in 2009, primarily attributable to the increased sales.
Gross profit was $5,899,550, an increase of 32%, compared with the same period in 2009, mainly in line with the increased sales.
Shengtai Pharma CEO Qingtai Liu said sales of glucose products, corn products, and by products all increased during the second quarter compared with the September quarter 2011 and compared to the same quarter last year.
"Sales increased due to higher demand of our products from both international and domestic markets. We expect that the demand will continue in the second half of fiscal year 2011. With the growth of our business, we look to improve our sales and net income greatly in 2011," Liu said.