China Mengniu Dairy posted a 14% increase in first-half profit today (8 September), on the back of a recovery in group turnover.
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For the six months ended 30 June, profit attributable to equity holders reached RMB661.9m (US$96.9m) from RMB582.9m in the previous year.
Group revenue amounted to RMB2.09bn, a 19% increase compared with the second half of 2008, showing a gradual recovery of the group’s overall turnover to the level before the milk incident last year and achieving “satisfactory” results, the company said.
In July 2009, the group secured capital injection from Cofco Limited, an oil and food enterprise in China, and Hopu Investment Management Co., a private equity fund, to bring in resources including industry experiences, global customer networks and a well-established food safety control system to Mengniu.
The group’s EBITDA for the period increased by 11.9% to RMB1.18bn.
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By GlobalData“At the concerted effort of all parties in the China dairy industry, the industry was able to start on a healthy development and recovery was in sight in the first half of the year,” the company said. “Looking forward, the industry is going to focus on major areas of development including enabling large-scale breeding, integration of production and sales, optimization of processing deployment and standardization of the dairy industry.”
