January 7, 2011 / 3:45 PM / 7 years ago

UPDATE 1-Tianli Agritech sees higher profit for 2011, shrs rise

* Sees 2011 rev $28.0-$29.5 mlm vs $21 mln yr ago

* Sees 2011 EPS $1.04-$1.14 vs $0.90-$0.92 yr ago

* Shares rise as much as 26 percent

Jan 7 (Reuters) - Chinese hog producer Tianli Agritech Inc OINK.O forecast a 20 percent rise in profit for 2011 as it ramps up production with the addition of a new farm, sending its shares up as much as 26 percent on Friday.

The company, which produces breeder hogs and market hogs, expects earnings of $1.04-$1.14 per share for this year, on revenue of $28-$29.5 million.

This compares with its expected earnings of 90-92 cents a share, on revenue of $21 million, for 2010.

“The demand for market and breeder hogs is being supported by China’s strong economic growth,” Tianli’s Chief Executive Hanying Li said, adding that the company will continue to pursue acquisition of more farms.

Shares of the company pared some of their early gains and were up 7 percent at $6.20 in morning trade on Nasdaq. More than half a million shares, or about nine times their 10-day moving average volume, changed hands by 1037 ET. (Reporting by Swetha Gopinath in Bangalore; Editing by Gopakumar Warrier)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below