Shiner International Inc. (BEST: Quote) said its net income for fiscal 2011 fell significantly to $1.7 million from $4.2 million, mainly due to increased labor costs, R&D expenses, depreciation of the new property and no other income from a former landlord offset by an increase in subsidy income. Earnings per share for the year were $0.06, versus $0.17 a year ago.
Shiner's revenue for the year rose 29.4% to $75.3 million from $58.2 million in 2010, helped primarily by an increase in domestic product volume.
Qingtao Xing, Shiner's President and CEO, stated, "In 2012, we will continue to develop new market and expand our market share both in China and abroad with our efforts. By investing in our R&D's innovation and the high-end facility, we expect to achieve better operational performance and financial prospect in 2012."
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by RTT Staff Writer
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