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China Mengniu Dairy sees 28.4% surge in 2011 net profit

Mar. 28, 2012 (China Knowledge) - China Mengniu Dairy Co<2319>, the nation's biggest dairy maker, announced yesterday that its net profit grew 28.4% year on year to RMB 1.59 billion last year.

Gross profit rose 23.2% year on year to RMB 9.59 billion in the period.

The dairy firm's operating revenue jumped 23.5% year on year to RMB 37.39 billion in 2011.

Sales of liquid milk increased 25.4% from the previous year to RMB 33.70 billion last year, accounting for 90.1% of the firm's revenue and making the company continue to lead the liquid milk market.

Revenue from ice cream segment climbed 4.7% year on year to RMB 3.26 billion, and that from yoghourt business surged 65.9% year on year to RMB 4.55 billion.

The Hong Kong-listed company said that it plans to invest between RMB 3 billion and RMB 3.5 billion in the building of pasture that could feed 150,000 cows over the next five years, while strengthening control over the quality of raw material.
Major rival Inner Mongolia Yili Industrial Group Co<600887> said earlier that its net profit soared 132.82% year on year to RMB 1.81 billion in 2011, and its operating revenue increased 26.13% year on year to RMB 37.27 billion in the period.

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