China Dairy Net Up 41% EARNINGS: BUSINESS ASIA By Bloomberg

China Mengniu Dairy, the nation’s biggest producer of liquid milk, said that first-half profit surged 41 percent on soaring demand for dairy products in the world’s most populous country. Net income in the six months ended June 30 climbed to 485 million yuan, or $64 million, from 343 million yuan a year earlier, the company said in a statement to the Hong Kong stock exchange. Sales rose 33 percent to 10 billion yuan.

Mengniu Dairy raised $174 million selling new shares this year to fund expansion as it competes for market share with Inner Mongolia Yili Industrial Group and Bright Dairy & Food in a market growing by 13 percent a year.

Hong Kong-based Mengniu’s 20 processing plants had an annual capacity of 4.71 million metric tons as of June 30, up from 3.93 million tons last year.

Originally published by Bloomberg News.

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