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Yili Industrial expects net profit to double in 2011

Jan. 19, 2012 (China Knowledge) - Inner Mongolia Yili Industrial Group Co<600887>, a major Chinese dairy firm, said yesterday that it expected its net profit to grow more than 100% year on year in 2011.

In 2010, the company's net profit was RMB 777 million, up 20.00% year on year, and earnings per share were RMB 0.49.

The dairy producer reported a net profit of RMB 1.42 billion for the first three quarters of 2011, reflecting a robust growth of 157.5% year on year.

Yili Industrial said earlier that that it has received approval from its shareholders to raise RMB 5 billion through a private placement. The company plans to issue up to 310 million ordinary A shares at a price of at least RMB 16.34 to less than ten investors, including its largest shareholder Hohhot Investment Co, China Knowledge reported earlier.

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