Mengniu’s 16% rise in profit boosts shares
Print Edition
Shares of Mengniu Dairy Co, China’s largest dairy producer, surged 6.37 percent yesterday and closed at HK$31.75 (US$4.09) in Hong Kong after it posted a 16.3 percent jump in net profit in the first half.
The company’s profit totaled 749.5 million yuan (US$122 million). Its sales grew 13.3 percent to 20.7 billion yuan in the first six months, Mengniu said in a stock exchange filing on Wednesday.
Mengniu is collaborating with foreign counterparts and domestic partners to consolidate its position in the mainland and boost consumer confidence following a nationwide milk scandal in 2008.
“These partnerships enabled us to bolster product safety and quality,” Mengniu said in the statement.
French food and beverage group Danone said in May it would spend US$417 million to form a joint venture with the company and purchase about 4 percent of Mengniu’s stake from the Chinese company’s largest shareholder COFCO Group.
Mengniu also offered to buy 75 percent of infant milk maker Yashili International Holdings Ltd for 10 billion yuan amid a government move to consolidate the industry.
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