Mainboard-listed Sino Grandness Food Industry Group, the Shenzhen based integrated manufacturer and distributor of bottled juices and canned fruits and vegetables, today reported that net profit attributable to equity holders for third quarter ended 30 September 2010 (3Q10) surged 53.6% to RMB38.7 million ($7.5 million) from RMB25.2 million a year ago. This was achieved on the back of a 49.9% increase in group revenue to approximately RMB191.9 million from RMB128.0 million, primarily driven by surging orders for its new beverage products comprising bottled juices and canned herbal drink.

In October, the group successfully raised $6.7 million from the issuance of 20,000,000 new shares. $2 million of the proceeds will be used as initial construction costs for the new plant in Hubei Province, China as announced on 15 July 2010. The remaining S$4.7 million will be used as working capital for the expansion of the Group’s business in China.

Barring unforeseen circumstances, the group remains optimistic about its performance for the remaining period of the financial year.