The chief of US-listed Feihe International today (8 November) spoke of the Chinese dairy group’s progress despite falling third-quarter sales and profits.
Feihe, formerly known as American Dairy, booked US$61.1m for the three months to the end of September, down from $72.1m a year ago as the company’s milk powder sales fell.
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The group’s net income stood at $3.6m. Last year, Feihe’s third-quarter net income reached $11.1m; that result was boosted by a state subsidy and lower raw milk supply costs.
Nevertheless, chairman and CEO Leng You Bin said the business was making “measurable progress”.
“Our results of $61.1m in revenue and $3.6m in net income are excellent indications of our footprint in the Chinese milk powder space,” the Feihe chief said.
“We are continuing to make improvements including strengthening our team through training of existing talent and recruitment and adjusting existing retail sales points to drive greater profitability. We believe that we are well positioned to execute our strategic initiatives to grow sales at existing retail outlets throughout the remainder of the year and capitalise on market opportunities.”
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