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China Mengniu Dairy sees 18.4% down in H1 profit

Aug. 29, 2012 (China Knowledge) - China Mengniu Dairy Co<2319>, the nation's biggest dairy maker, has announced yesterday that its net profit attributable to shareholders decreased 18.4% YoY to RMB 644.7 million in the first half of this year.

Earnings per share were RMB 0.37 for the period, less than RMB 0.45 it booked in the first half of 2011. No interim dividend was proposed.

In the first half of this year, the Chinese dairy maker's operation revenue dropped 1.2% from a year earlier to RMB 18.36 billion, including RMB 15.94 billion from its liquid milk business, 2.17% lower than it realized in the corresponding period of last year.

Earlier this month, Mengniu Dairy's strong rival, Inner Mongolia Yili Industrial Group Co<600887>, reported RMB 762 million in net profit for the first half of this year, down 6.7% from a year earlier.

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