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China: Yasheng Group annonces Q1 resultsYasheng Group, a high-growth diversified China-based agricultural conglomerate with US headquarters in California, has announced results for the first quarter ended March 31, 2012.
Net Sales. Sales are generated primarily from farming operations and related side line products in China. Net sales for the three months ended March 31, 2012 increased by $8.8 million, or 4.5% to $204.1 million as compared to $195.3 million for the three months ended March 31, 2011. The overall increase in net sales was primarily a result of the rising prices of agricultural products attributable to increasing demand in China. The company also benefited from an expanded marketing network which covers more provinces, with more distributors and direct clients.
Cost of goods sold consists of the direct production costs such as raw materials, direct labor, overhead and miscellaneous other supplies. Costs were in line with sales due to continued heightened focus on cost control exercised throughout production, the increase in cost is mainly due to the growth in the net sales.
Gross Profit and Gross Margin.Gross profit for the three months ended March 31, 2012 increased by $0.95 million or 4.46% to $22 million from $21 million for the three months ended March 31, 2011. The improved margin was primarily a result of the growth in the net sales.
Net Income. Net income for the period grew to $20.7 million or $.13 per basic share from $19.8 million or $.13 per basic share for the prior-year period.
Publication date: 5/18/2012
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