Food safety woes eat into Mengniu's net
By Ding Yining |
March 28, 2013, Thursday
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Print Edition
Print Edition
CHINA'S Mengniu Dairy Co Ltd said net profit fell 21 percent last year as sales were hit by lingering food safety concerns and the dairy maker's consolidation.
Net earnings declined to 1.26 billion yuan (US$200 million) while revenue dropped 3.5 percent to 36.1 billion yuan last year, the company said in a stock exchange filing yesterday.
Executive director Wu Jingshui told a press briefing yesterday that the company expects gross profit ratio to improve this year as Mengniu carried out several marketing activities in a bid to capture a bigger market share in the second half of 2012.
Mengniu has upgraded its product offering in response to rising consumer demand for high-end dairy products which grew at an accelerated pace.
Wu said the firm will add more new products and improve product portfolio to enhance its brand this year and tighten food safety standards.
Net earnings declined to 1.26 billion yuan (US$200 million) while revenue dropped 3.5 percent to 36.1 billion yuan last year, the company said in a stock exchange filing yesterday.
Executive director Wu Jingshui told a press briefing yesterday that the company expects gross profit ratio to improve this year as Mengniu carried out several marketing activities in a bid to capture a bigger market share in the second half of 2012.
Mengniu has upgraded its product offering in response to rising consumer demand for high-end dairy products which grew at an accelerated pace.
Wu said the firm will add more new products and improve product portfolio to enhance its brand this year and tighten food safety standards.
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