Chinese infant formula manufacturer Feihe International has today (9 August) booked an increase in half-year net profits, despite posting a drop in revenue.
For the half-year ended 30 June, net income attributable to common shareholders increased 42.7% to US$14.1m, while income from operations increased 45.9% to $14.9m.
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Revenue declined 3.2% to $126.3m, due to a fall in sales of raw milk powder and soybean powder.
Gross margin increased to 54.9% for the first six months, up from 41.3% the same period last year.
Vice chairman and CFO Liu Hua said: We are very confident in our business and will continue focus on sales of premium products. We will maintain quality and safety first and look forward to bringing value to consumers and our shareholders.”
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By GlobalData
