Bright Dairy back into the black in 2009
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Bright Dairy & Food Co. Ltd, one of China's leading dairy producers, reversed its fortunes and profited in 2009, according to its annual report released on Monday. [CPF] |
Bright Dairy & Food Co. Ltd, one of China's leading dairy producers, reversed its fortunes and profited in 2009, according to its annual report released on Monday.
The dairy producer slipped into the red in 2008 due to a melamine contamination scandal.
In the report filed to the Shanghai Stock Exchange, Bright Dairy said the turnaround was a result of enhanced technology development, new product development and better management.
The company had rolled out 37 kinds of new dairy products which contributed more than 25 percent of its sales revenue, it said.
Net profit was 122 million yuan (17.86 million U.S. dollars) last year with earning per share at 0.12 yuan. It posted a net loss of 285.99 million yuan in the 2008 period with earnings per share at minus 0.27 yuan.
Combined turnover stood at 7.94 billion yuan, up 8 percent from a year ago, it said.
The Shanghai-based company targeted a net profit of 190 million yuan this year, hoping the 2010 World Expo would help grow its brand influence.
The company was among the dairy firms which were found to have sold dairy products containing melamine in September 2008, which in high doses can lead to kidney stone formation.
