April 26, 2018 / 4:20 AM / 7 months ago

Fonterra-backed Beingmate posts second straight annual loss in 2017

HONG KONG, April 26 (Reuters) - Chinese infant formula maker Beingmate Baby & Child Food Co Ltd said on Thursday its net loss widened to 1.06 billion yuan ($167.6 million) in 2017 on slowing sales due to tougher competition and rising marketing costs.

It was the second consecutive annual loss for Beingmate, backed by New Zealand dairy giant Fonterra, after the Shanghai-based company posted a 780.67 million yuan loss in 2016.

Beingmate said revenue fell 3.76 percent to 2.66 billion yuan in 2017 compared to a year earlier.

Fonterra, the world’s largest dairy exporter, reported in March a half-year loss of NZ$348 million for the six months to Jan. 31, including a NZ$405 million writedown on its 18.8 percent stake in Beingmate.

Trading in Shenzhen-listed Beingmate was halted on Thursday after the company issued a delisting risk warning in the wake of the losses. Trading in the company’s shares will resume on Friday. ($1 = 6.3250 Chinese yuan renminbi) (Reporting by Donny Kwok; Editing by Darren Schuettler)

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