China Mengniu says H1 profit up 4.7 pct

China Modern Dairy Holdings

31/08/2017 02:00

HONG KONG, Aug 31 (Reuters) - China Mengniu Dairy Co Ltd 
 2319.HK  said late on Wednesday its first-half net profit rose 
4.7 percent, crediting higher sales, low raw milk prices and 
effective control over costs and expenses. 
    The China's top milk products manufacturer saw its 
January-June profit increase to 1.13 billion yuan ($171.4 
million) from 1.08 billion yuan the same period last year. 
Revenue rose 8.1 percent to 29.47 billion yuan. 
    "During the period, with consumption continuing to recover, 
overall growth of the dairy product industry in China improved, 
and new consumption habits emerging gave demand for dairy 
products a push," Chief Executive Officer Jeffrey Lu said in a 
statement.   
    The company would step up product development as the 
consumption trend geared towards high-end and customised dairy 
products, he said.   
    The company had said earlier this year it would work with 
its three major shareholders - COFCO Group, Danone Group 
 DANO.PA  and Arla Foods - and international partners to create 
a global platform.  urn:newsml:reuters.com:*:nFWN1H60QG 
     
 
($1 = 6.5918 Chinese yuan renminbi) 
 
 (Reporting by Donny Kwok; Editing by Stephen Coates) 
 ((donny.kwok@thomsonreuters.com; +852 2843 6470; Reuters 
Messaging: donny.kwok.reuters.com@reuters.net)) 
 
Keywords: CHINA MENGNIU RESULTS/