CHINA: Booming milk demand cheers Mengniu
Robust demand for dairy products in China has lifted profits at the country's leading milk producer, China Mengniu Dairy Co.
Mengniu Dairy recorded a 23% jump in operating profit to CNY595.3m (US$79.1m) as its revenue leapt by a third to just over CNY10bn.
The company cited an ACNielsen survey that gave it a 35.1% share of the liquid milk market, up from 33.3% last December.
"Milk drinking has become a habit of the Chinese people as reflected in the continuous rise in dairy product sales," Mengniu Dairy said.
The company that it hopes its namesake Mengniu brand would capitalize on evolving consumer demand in China.
"Along with the improving living standards, Chinese consumers have become more demanding on tastes, nutritional contents and wider range of added functions in dairy products and hence tend to go for premium brands that they can trust," Mengniu Dairy added.
Dairy giant Fonterra hopes its plans for a share sale will give the company the cash it needs to fund overseas expansion. Chairman Henry van der Heyden has called on the co-operative's 11,000 members ...
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