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.

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.”

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.