June 10, 2016
Yili's Oceania Dairy cut losses with increased sales at processing site
Yili Industrial Group's Oceania Dairy had mitigated annual losses with quadrupling sales at its processing facility in Glenavy, New Zealand.
Losses for the Chinese-owned firm fell, from $17.6 million in 2014 to $16.3 million in 2015. Revenue rose to about $141 million from $34 million a year earlier, based on Oceania's financial statements.
Over five years, Yili will invest $400 million more in the $236 million facility. The funds will support installation of an ultra high temperature (UHT) plant, formula canning line, blending facilities and expanded storage.
Upon the completion of the expansion in 2020, Yili expects an annual processing volume of more than 630 million litres yearly. It also seeks to raise export revenue to more than $700 million.