Mar. 7, 2012 (China Knowledge) - Want Want China Co Ltd<0151
>, a leading Chinese rice cake and flavored milk supplier based in Taiwan
, earned US$419.5 million in net profit last year, reflecting a year-on-year increase of 17% from US$358.4 million.
The profit for 2011 was also more than an average forecast of US$386.8 million made by 10 analysts at Bloomberg.
The Hong Kong-listed
firm's earnings per share increased from 2.71 HK cents to 3.17 HK cents last year.
Revenue grew 31.3% from a year earlier to US$2.95 billion in 2011. Gross profit increased by 21.3% year on year to US$1.03 billion with gross margin of 34.8% last year, 2.8 percentage points lower than that of 2011.
The company, controlled by Taiwanese billionaire Tsai Eng Meng, attributed the profit margin decline to higher labor and ingredients costs.
Revenue from rice crackers reached US$817 million, while from dairy products and beverages amounted to US$1.4 billion.