China's Bright Dairy to return to profit in 2009
Bright Dairy & Food Co. Ltd, one of China's leading dairy producers, said Saturday (Jan 30) that the company was back to profit in 2009 after it slipped into the red in 2008 due to the melamine scandal.
The company said in a statement to the Shanghai Stock Exchange that the revival was a result of enhanced technology development, product restructuring, and better management.
Bright Dairy posted a net loss of RMB285.99 million (US$41.87 million) in the 2008 period with earnings per share at minus RMB0.27 (US$0.04), according to the statement.
The company was among the dairy firms which were found to have sold dairy products containing melamine in September 2008, which in high doses lead to kidney stone formation.
The detailed data was not given in the statement, and will be delivered in the company's annual report of 2009, it said.