Want Want China Holdings has booked an increase in full-year profits boosted by the recovery of the Chinese dairy market.
For the year ended 31 December, the Hong Kong-listed firm earned US$313.2m compared to $263m in 2008.
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Total revenue increased by 10.1% to reach $1.71bn in 2009, driven by growth in the company’s dairy unit.
Revenue from dairy products and beverages grew 48.9% over the previous year, climbing to $797.7m. Want Want attributed gains to the recovery of demand for dairy products in China, the successful launch of new “pocket-convenient beverages” and further penetration in rural markets.
However, sales at the group’s snack foods business decreased slightly, dropping 2.8% to $435.3m. The figure was adversely affected by weaker demand in southern and eastern China, Want Want said.
Operating profit increased 16.1% to reach $355.9m, Want Want revealed.
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