Chinese dairy group Bright Dairy & Food Co. saw profits jump by almost a third in 2007 thanks in part to compensation from Danone after the French food giant ended the tie-up between the two companies.
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In an announcement to the Shanghai Stock Exchange, the company reported profits for 2007 of CNY212.8m (US$30.2m).
The increase in profits was partially attributed to one-off items, including the sale of Bright Dairy’s 81% stake in the Kedi convenience store chain for Y226.8m.
Bright Dairy won CNY330m in compensation paid from Danone upon the termination of an agreement allowing the Chinese firm to use the Danone trademark in China.
Revenue rose 10.3% to CNY8.2bn, but failed to meet the company’s target of CNY8.7bn. Rising advertising and marketing costs led to increased selling costs, which rose 28.7%.
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By GlobalData
