French dairy group Bongrain has reported a first half net profit of €22.7m (US$22.2m), a decrease of 2.1% year-on-year.

First half operating profit was down 12.5% year-on-year to €52.4m. Bongrain said the decrease in profit is due to the financial crisis in Argentina and the decrease in worldwide demand for milk powder.

Bongrain, which employs over 15,440 people worldwide, also posted a decrease in consolidated turnover for the first half of 2001 to €1.9bn from last year’s H1 figure of €2.03bn, reported French News Digest.