August 31, 2017 / 1:04 AM / 3 months ago

China Mengniu says H1 profit up 4.7 pct

HONG KONG, Aug 31 (Reuters) - China Mengniu Dairy Co Ltd 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 and Arla Foods - and international partners to create a global platform.

$1 = 6.5918 Chinese yuan renminbi Reporting by Donny Kwok; Editing by Stephen Coates

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