First quarter earnings for Sino Grandness more than triple to RMB320 mil

SINGAPORE (May 12): China-based Sino Grandness Food Industry Group, which produces and distributes juices, canned fruits, and vegetables, saw earnings surge 233% to RMB320.2 million ($75.8 million) in 1Q16 from 1Q15 a year ago.

Sino Grandness said on Thursday that the increase in profit was mainly due to higher sales across the board, improved profit margin, higher other operating income, and changes in fair value of the option derivatives in relation to convertible bonds.

Revenue grew 24.3% to RMB723.7 million in the quarter ended March, from RMB582.2 million a year ago.

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