Bright Dairy & Food Co., the Chinese group, has reported a 4% drop in half-year earnings amid "intense" competition in the sector.
The company, a listed subsidiary of state-backed giant Bright Food, booked net profit of CNY201.1m (US$31.6m) for the six months to the end of June, down 3.95% on the year.
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Revenue did rise, growing 1.9% to CNY10.06bn.
Bright Dairy pointed to "fierce" competition in the dairy market amid slowing growth in domestic consumption.
Last week, Bright Food was reported in Australia to be one of eight parties to have expressed interest in buying local dairy business Brownes Dairy.
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