Zhuhai Zhongfu Announces 2010 First Quarter Results

Overall performance and business development see healthy growth

Company continues expanding production capacity, product range to leverage opportunities in China's high-growth beverage & packaging market

Apr 29, 2010, 09:27 ET from Zhuhai Zhongfu Enterprise Holdings Limited

    ZHUHAI, China, April 29 /PRNewswire-Asia/ --

    Performance Highlights
    (RMB)                                 1Q 2010         1Q 2009        (%)

    Total Operating Income             719,621,418.54  642,554,454.72  +11.99%
    Operating Profit                    47,889,991.96   37,948,013.27  +26.20%
    Gross Profit                        48,460,676.71   39,590,137.62  +22.41%
    Net Profit Attributable to
     Shareholders (with restated
     comparatives*)                     25,876,097.32   15,401,475.88  +68.01%
    Net Profit Attributable to
     Shareholders (without restated
     comparatives)                      25,876,097.32   13,634,246.84  +89.79%
    Earnings Per Share                           0.04            0.02    +100%

    *Remarks: Jug and Cup operations had been under control common and were
              acquired by Zhuhai Zhongfu in 1Q2010. According to the PRC
              Accounting Standards, comparative figures have been restated to
              include the Jug and Cup operations as if the operations had
              existed in prior periods.

China's leading beverage packaging and PET bottling company, Zhuhai Zhongfu Enterprise Holdings Limited ("Zhuhai Zhongfu"; stock code: SZ000659), today announced its first-quarter results for the period ended 31 March 2010.

During the reporting period, China's beverage packaging industry grew in line with the momentum of the domestic economy, leading to healthy increases in Zhuhai Zhongfu's sales and production volume. As of 31 March 2010, the Company's total operating income increased by approximately 12% to RMB 720 million, driving profitability for the quarter. Net profit attributable to shareholders increased 68% to approximately RMB 25.88 million.

Mr. Gary Guernier, Chairman of Zhuhai Zhongfu, said, "At 1Q2010, we expanded our core business with the injection of cup and jug business from our controlling shareholder, this has further strengthened our packaging and accessories business, and we are seeing the results of that. This type of initiative has driven our overall sales, production capabilities and profitability."

Zhuhai Zhongfu is regarded as the leader in China's beverage and non- beverage packaging industry, providing safe and environmentally friendly beverage and non-beverage products. Its product quality, R&D, cost control, customer service and employee training have also been well received in the industry. Coca-Cola, Pepsi and Uni-President are major customers.

Mr. Guernier concluded, "Since the weather is generally cooler than normal this year, the market demand for beverage products slows down, and it is expected that our growth in the second quarter would see temporary impact. However, our management team remains confident in, and positive about, our overall profit growth for fiscal year 2010.

"Looking ahead, we remain committed to measures that will facilitate our long-term growth, for example by growing our capacity as well as our product range. We believe this will help us and our clients capture opportunities arising from the booming Mainland economy, thriving domestic consumption and the promising growth of China's beverage and packaging industry."

About Zhuhai Zhongfu Enterprise Holdings Limited

Zhuhai Zhongfu Enterprise Holdings Limited ("Zhuhai Zhongfu"; stock code: SZ000659) was established in 1982. It is principally engaged in the production and marketing of PET bottling, PVC and OPP labeling, and it is also engaged in drink refilling. Zhuhai Zhongfu is one of the largest PET bottle manufacturers in China, and the first company supplying PET bottles to Coca Cola in China. The Company has over 80 production facilities and an annual production capacity of over 5.5 billion. Its products include PET bottles for carbonated soft drinks, drinking water and beer. It has received various honors and awards at the national and provincial level. The Company was listed on the Shenzhen Stock Exchange (Main Board) in 1996, the first entity in China's beverage packaging industry to be listed. For more details, please visit the Company's website at http://www.zhongfu.com.cn .

    For inquiries, please contact:

     Gloria Chiu
     Tel:   +852-2501-7970
     Email: gloria.chiu@golinharris.com

     Madison Wai
     Tel:   +852-2501-7903 / 9306-1632
     Email: madison.wai@golinharris.com

SOURCE Zhuhai Zhongfu Enterprise Holdings Limited