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New York-listed Feihe Int'l turns profit into loss in Q4

Apr. 5, 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, has posted US$10.5 million-net loss attributable to shareholders for the fourth quarter of 2011, compared with US$800,000 in net profit attributable to shareholders in the same quarter of 2010. 

In the three months ended Dec. 31, 2011, the New York-listed firm's diluted loss per share was US$0.51, compared with diluted earnings per share of US$0.10 in the fourth quarter of 2010.

Gross profit for the fourth quarter 2011 totaled US$30.9 million, more than US$17.8 million in the same quarter of 2010. Gross margin for the fourth quarter 2011 was 35.5%, compared with 29.1% in the fourth quarter 2010.

For the whole year of 2011, Feihe International suffered US$200,000 in net loss, compared with a net loss of US$10.7 million in 2010.

Sales increased by US$36.3 million, or 14.2%, to US$292.9 million last year.

As of Dec. 31, 2011, the company had US$15.4 million in cash, whereas it had US$16.2 million at the end of 2010.

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