Singapore, February 26, 2008 – Luzhou Bio-chem Technology Limited ("Luzhou” or “the Group”), one of the PRC's leading producers of corn sweeteners, today announced that the Group's revenue increased 48.4% to RMB2.2 billion for the full year ended December 31, 2007 (“FY2007”), driven by strong demand from customers and the Group's continued focus on higher value corn sweetener products.
Revenue growth was attributed to increased demand for corn sweeteners from existing and new customers as well as higher selling prices as a result of market demand. Sales from the food and beverage industries increased 34.2% to RMB1.5 billion, while sales from the fermentation industry surged 85.5% to RMB324.7 million. Sales from customers in other industries posted an impressive 90.9% growth to RMB400.5 million.
Sales revenue for the Group’s core product corn sweeteners surged 52% to RMB1.5 billion in FY2007, contributing 71% of total revenue for the period under review. This was mainly due to robust demand from new and existing customers, as well as the Group’s completion of enhancements to its production plants to convert more corn starch into corn sweeteners.