September 1, 2011
Shanghai Bright Dairy and Food Co Ltd, one of China's largest dairy producers, announced that its first-half net profit climbed 20.03% on-year to RMB73.3 million (US$11.48 million).
Meanwhile its operating revenue reached RMB5.55 billion (US$869 million), with earnings per share of RMB0.07 (US$0.01), up 19.28% on-year.
During the first six months, operating cost increased 32.05%, management cost rose 4.05%, and finance charges surged 458.42%.
Bright Dairy attributed the increase in operating and management costs to the acquisition of New Zealand's Synlait Milk last year, while the increased finance charges was due to the higher interest charges.
The operating margin of the company's dairy business fell 2.51% on-year in the first six months.