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US-listed Feihe Int'l posts 86.11% profit drop for Q3

Feb. 1, 2012 (China Knowledge) - Feihe International Inc<ADY>, one of the leading producers and distributors of premium infant formula, milk powder and soybean, rice and walnut products in China, reaped US$500,000 in net profit attributable to shareholders in the third quarter of 2011, reflecting a year-on-year plunge of 86.11% from US$3.6 million.

The New York-listed firm's diluted earnings per American Depositary Share were US$0.02 in the third quarter of 2011, less than US$0.16 it realized in the same quarter of 2010.

During the three months ended Sep. 30, 2011, the dairy product supplier's revenue totaled US$75.4 million, up 22.6% year on year from US$61.5 million or up 19.9% quarter on quarter from US$62.9 million.

Gross profit stood at US$27.5 million in the third quarter of last year.

In the first nine months of 2011, Feihe International, formerly known as American Dairy Inc, reaped US$205.9 million in revenue, reflecting a year-on-year increase of 5.4% from US$195.4 million.

At the end of last September, the company had US$14.1 million in cash, whereas it had US$17.5 million in cash as of Dec. 31, 2010.

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