China's Bright Dairy & Food Co. has reported a slump in earnings in the first nine months of the year as higher sales were offset by factors including an increase in sales expenses and a jump in financial costs.
The company, a listed subsidiary of state-backed giant Bright Food, booked net profit of CNY214.2m (US$33.9m) for the period to the end of September, down 47.3% on the year.
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The group's sales stood at CNY20.21trn, a jump of 31.9% on the first nine months of 2014.
However, Bright Dairy's sales expenses rose by more than CNY1trn, while it ran up financial expenses of CNY188.2m – compared to CNY46.7m a year earlier. It also booked a higher income tax bill for the third quarter than in the same period of 2014.
Bright Food, the owner of western businesses including Weetabix and Filippo Berio olive oil maker Salov Group, owns a 54.4% stake in the company.
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By GlobalData
