Mengniu Dairy, China’s largest dairy processor, has reported a healthy rise in half-year profits on the back of a growing dairy sector in the country.
The company said the ongoing expansion of the dairy market in China, and the rationalisation of the sector boosted its sales, which drove a jump in profits.
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Revenue was up 28.7% at CNY18.58bn (US$2.91bn). Profit attributable to owners of the company increased 27.6% to CNY789.8m.
Mengniu said: “With the ongoing expansion for the dairy products market in China and the stricter control exercised by the Government over the safety of the industry, these created a healthy environment to nurture the future development of the dairy industry in China and development opportunities for leaders in the industry such as Mengniu.”
The company continued: “During the first half of 2011, the dairy industry in China sustained healthy development as a result of the further enhancement in safety control measures. Consumption in dairy products continued to increase. At the same time, the re-examination for production permits of the dairy enterprises eliminated a number of those that could not fulfill the requirements. This created a safer and more positive environment in the industry, which would facilitate the imposition of stricter regulation on the dairy enterprises in China in the future for the orderly and sustainable development of the dairy industry in China.”
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