| Yili keeps market position despite slower year |
| Tuesday,March 08,2005 Posted: 11:13 BJT(0313 GMT) |
| BEIJING, Mar. 8 -- Yili, one of China's leading dairy producers, saw business expand 38 per cent last year, the Shanghai-listed company reported yesterday.
In its 2004 annual report to the stock exchange, Inner Mongolia Yili Industrial Group Co Ltd posted an income of more than 8.7 billion yuan (US$1.05 billion), up 38.67 per cent on the 6.3 billion yuan (US$761 million) of a year earlier. The company registered total profits of 378.9 million yuan (US$45.76 million), a year-on-year increase of 18.81 per cent. Its net profit hit 239.1 million yuan (US$28.88 million), representing an earning per share of 0.61 yuan (7.4 US cents) and an increase of 19.81 per cent over the 2003 figure of 199.6 million yuan (US$24 million). But the company's growth in 2004 was far lower than that seen in previous years as well as expectations. In 2003, the company posted a 57.09 per cent growth in business income and a 40.61 per cent increase in net profits. It is expected to grow by more than 50 per cent annually in coming years to become one of the world's top 20 dairy firms by 2012. "It is natural that Yili had a slower 2004," said Zhu Weihua, an industry analyst with Merchants Securities. In previous years Yili enjoyed rapid business expansion, and based on its already huge sales it would be impossible for the company to maintain such a high level every year, he added. Meanwhile, intensifying competition has trimmed the profit margins of all the industry's players. However, Yili will record stable growth in coming years due to the huge potential of China's dairy market. Zhu expects the dairy firm's business to grow by some 33 per cent this year. Last year, the China Securities Regulatory Commission launched an investigation into the company as it was suspected of breaching securities laws and regulations. Its business was somewhat affected, the company said in its report. But the company adjusted quickly to achieve this year's still impressive figures, it said. The company added it will continue expanding its business and sharpening its market edge, in order to achieve its goal of becoming one of the world's leading dairy companies. Yili's A shares rose by 1.6 per cent to 11.42 yuan (US$1.4) in trading yesterday. (Source: China Daily) |
| (Source: English Site of Kuching) |
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