April 10, 2008

China's Mengniu reports 29 percent rise in 2007 profit

Inner Mongolia-based Mengniu Dairy Company, one of China's biggest producers of liquid milk, said that its 2007 full-year profit rose 29 percent on-year as increasing affluence boosted consumption in the world's most populous nation.

In a statement to the Hong Kong Stock Exchange on Tuesday (Apr 8), Mengniu said that its 2007 net profit increased to RMB935.8 million, or RMB0.664 per share, from RMB727.4 million, or RMB0.53 a year ago.

Revenue increased to RMB21.3 billion, from RMB16.2 billion a year ago. Revenue from liquid milk and UHT product sales increased by 34.3 percent and 33.4 percent respectively.

RMB1=US$0.1430 (Apr 10)