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China New Borun Announces First Quarter 2011 Financial Results
Date:5/11/2011

BEIJING, May 11, 2011 /PRNewswire-Asia/ – China New Borun Corporation (NYSE: BORN; "Borun" or the "Company"), a leading producer and distributor of corn-based edible alcohol in China, today announced unaudited financial results for the first quarter of 2011.

Mr. Jinmiao Wang, Chairman and Chief Executive Officer of Borun, commented, "It is our pleasure to share with you another quarter of strong financial performance.  We solidly executed on all aspects of our business plans, as we flawlessly ramped up production of our new Daqing Phase III facility while maintaining full utilization of our other facilities.  During the quarter we experienced solid revenue growth resulting from both strong demand and price increases for edible alcohol, coupled with expanded capacity."

Mr. Wang added, "The quarter also saw us complete purchases at locked-in prices of adequate supplies of corn for production during the non-harvest season. This means that we can operate more efficiently, as with assured supplies we can have better capacity utilization. And locked-in prices on our corn supplies provide us assured input costs on our production.  We believe our superior operating scale and brand recognition will continue to be key winning criteria to China's large baijiu producers, which will continue to provide us with greater pricing power and business visibility.  We are confident that our advantages in operating efficiencies and sourcing and our leading market position will continue to enable us to perform well throughout the remainder of 2011."

First Quarter 2011 Financial Highlights

  • Total revenue increased 47.1% to RMB571.8 million ($87.2 million(1)) from RMB388.8 million in the first quarter of 2010.

  • Gross profit increased 46.0% to RMB127.1 million ($19.4 million) from RMB87.1 million in th
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  • SOURCE China New Borun Corporation
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