Foshan Haitian Flavoring and Food Company Ltd., a major condiment and sauce maker, reported year-on-year net profit growth of 9.17 percent in the first quarter (Q1) of 2020.

The company raked in 1.61 billion yuan (about 228 million U.S. dollars) in net profit attributable to shareholders, according to the company's latest earnings report filed with the Shanghai Stock Exchange.

During the same period, its revenue grew 7.17 percent year on year to 5.88 billion yuan, with earnings per share standing at 0.6 yuan, according to the report.

The company's shares closed 2.81 percent lower at 122.93 yuan Thursday.