News Column

China New Borun Announces Second Quarter 2014 Unaudited Financial Results

September 2, 2014

By a News Reporter-Staff News Editor at China Weekly News -- China New Borun Corporation (NYSE: BORN; "Borun" or the "Company"), a leading producer and distributor of corn-based edible alcohol in China, announced its unaudited financial results for the second quarter of 2014.

Mr. Jinmiao Wang, Chairman and Chief Executive Officer of Borun, commented on the results, "Although demand and average selling price for edible alcohol were solid in the first half of the second quarter, the market encountered an unexpected sharp drop nation-wide in demand and average selling price this June. As a result, even though we recorded revenue growth at the high end of our second quarter guidance on better-than-expected volume shipment, our gross profits contracted year-over-year."

"Despite the challenging month of June, we continued to make progress in ramping up our chlorinated polyethylene ("CPE") and foam insulation businesses. During the quarter, we successfully scaled our CPE plant to full production capacity and grew total revenue from CPE and foam insulation by 47% sequentially to RMB23.4 million. It is worth noting that the new business has surpassed its gross breakeven point during the second quarter, and therefore we anticipate incremental positive contributions to profitability from the new business in the months ahead," Mr. Wang concluded.

Keywords for this news article include: Asia, China New Borun Corporation.

Our reports deliver fact-based news of research and discoveries from around the world. Copyright 2014, NewsRx LLC

For more stories on investments and markets, please see HispanicBusiness' Finance Channel

Source: China Weekly News

Story Tools Facebook Linkedin Twitter RSS Feed Email Alerts & Newsletters