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China Mengniu Dairy 2019 Net Profit Rose 35%

   By P.R. Venkat 
 

China Mengniu Dairy Co.'s net profit for 2019 rose 35%, mainly supported by higher sales of its milk and yogurt businesses.

Net profit for the period was 4.11 billion yuan ($577.7 million), the company said Thursday.

Revenue was up nearly 15% to CNY79.03 billion, China Mengniu said, adding that the group was facing challenges due to the Covid-19 pandemic.

In a separate statement, the company has warned that its expects its sales and financials to be hurt during the first half of the current financial year.

"It remains difficult for the company to quantify the impact the outbreak will have on the Group for the first half of 2020," it said.

 

Write to P.R. Venkat at venkat.pr@wsj.com

 

(END) Dow Jones Newswires

March 25, 2020 20:32 ET (00:32 GMT)

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