Zhejiang NHU net sees whopping rise

Zhejiang NHU Co, one of the largest producers of Vitamin E and A supplements in the world, yesterday posted a sixteen-fold surge in net profit in 2008, driven by soaring prices, robust demand and tax reductions.

Net income rose 1,683 percent to 1.37 billion yuan, or 4.02 yuan per share, while revenue jumped 90 percent from a year earlier to 3.31 billion yuan, the Shenzhen-listed company said in its earnings report.

But analysts said they did not expect the company to maintain such growth this year as sales in overseas markets, which accounted for 80 percent of the company's total, could be hit by the worsening financial crisis. The company's shares yesterday declined 1.56 percent to close at 31.48 yuan at the Shenzhen bourse.