China Minzhong Food Corporation, the integrated vegetables processor, reported a 27.6% increase in net profit to RMB367.5 million ($73.6 million) for the full year ended 30 June 2010 (FY2010) from RMB288.1 million in FY2009.

Revenue rose 34.5% to RMB1,422.6 million in FY2010 from higher sales in both the processed products and fresh vegetables produce segments. Processed products constituted 67.7% of the group’s revenue in FY2010 with the remaining 32.3% coming from fresh vegetables produce.

Revenue from the processed products segment rose 33.0% to RMB962.5 million while revenue from fresh vegetables segment increased 37.7% to RMB460.0 million.

In particular, the group has been increasing its cultivation volume for king oyster mushrooms, which commands higher selling prices and better margins.

China Minzhong says it will continue to benefit from both the growing domestic consumption in China.