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Mengniu posts 18.4% drop in first-half profit
By Ding Yining |
August 29, 2012, Wednesday
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Online Edition
Online Edition
CHINA Mengniu Dairy Co Ltd reported an 18.4 percent drop in profit in the first half of this year after a series of food safety issues hurt sales.
Mengniu's sales declined 1.2 percent in the first six months year on year to 18.4 billion yuan (US$2.9 billion), the company said in a stock exchange filing yesterday. Profit was down 18.4 percent to 645 million yuan.
Mengniu said sales dropped as much as 30 percent early this year after excessive amount of cancer-causing aflatoxin M1 was detected in its samples in Shenzhen last year.
Earlier this month, two Mengniu employees were detained by police for altering production dates on thousands of cartons of Mengniu milk.
Mengniu president Sun Yiping told the media in Hong Kong yesterday that the company will strengthen internal management and quality check and use new technology to prevent date altering.
Some of its high-end products such as Deluxe Milk and some yogurt products lifted sales after the company launched marketing and sales campaigns to restore consumer confidence.
Mengniu's sales declined 1.2 percent in the first six months year on year to 18.4 billion yuan (US$2.9 billion), the company said in a stock exchange filing yesterday. Profit was down 18.4 percent to 645 million yuan.
Mengniu said sales dropped as much as 30 percent early this year after excessive amount of cancer-causing aflatoxin M1 was detected in its samples in Shenzhen last year.
Earlier this month, two Mengniu employees were detained by police for altering production dates on thousands of cartons of Mengniu milk.
Mengniu president Sun Yiping told the media in Hong Kong yesterday that the company will strengthen internal management and quality check and use new technology to prevent date altering.
Some of its high-end products such as Deluxe Milk and some yogurt products lifted sales after the company launched marketing and sales campaigns to restore consumer confidence.
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