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Mengniu Dairy surges on increased profit
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SHARES of Mengniu Dairy Co, China’s largest dairy producer, surged 6.37 percent today and closed at HK$31.75 (US$4.09) after it reported 16.3 percent increase of profit to 749.5 million yuan (US$122 million) in the first half.
Sales grew 13.3 percent to 20.7 billion yuan in the first half, the company said in a stock exchange filing yesterday.
Mengniu has been stepping up efforts to consolidate its position in the mainland market through collaboration with foreign counterparts to pave the way for rapid development in the future as well as bolstering its product safety and quality.
French food and beverage group Danone said it would spend US$417 million to form a joint venture with the company and purchase a stake from the Chinese company’s largest shareholder.
Mengniu also offered to buy 75 percent of infant milk maker Yashili International Holdings Ltd for 10 billion yuan amid the government’s continuous efforts to rectify and consolidate the industry.
This could complement Mengniu’s existing businesses as liquid milk contributes about 89 percent of overall income with ice cream and other dairy products making up the rest.
Under a government blueprint, China will gradually eliminate outdated or inefficient infant formula makers within two years and create 10 leading milk powder companies, each with annual revenue of more than 2 billion yuan.
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