Chinese dairy group American Dairy has booked rising first-half profits as sales of its Feihe brand grew in China.
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The US-listed firm said that operating income jumped 29% to US$11.7m as revenue leapt 52% to $77.5m.
“More and more Chinese consumers seek our [Feihe] trusted brand for quality and consistency,” said CEO Leng You Bin. “We continue to command premium prices for our products and, in fact, our highest margin products, the Nucleotide series and the CPP series, continued to generate a majority of our revenue this quarter.”
Net income remained flat in the first half, however, due to a non-cash interest expense of $1.2m.
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By GlobalData
