Joyoung 2008 profit surges 71.71% on milk scandal

Apr. 1, 2009 (China Knowledge) - Joyoung Co Ltd<002242>, a leading soymilk machine maker in China, said its net profit in 2008 surged 71.71% year on year to RMB 540 million because of the contaminated milk scandal last year.

According to the company's annual report, the company's earnings per share in 2008 were RMB 2.25, up 43.31% year on year.  The company, which has an 86% share in the soybean milk maker market, suggested a dividend of RMB 8 for every 10 shares.

Last year, Joyoung's revenue from selling soybean milk machines jumped 150.74% from a year earlier to RMB 3.04 billion, while its revenue from induction cookers totaled RMB 960 million, up 66.07% year on year.

The Sanlu milk powder scandal late last year, which caused the death of six children and sickened 296,000 infants, prompted many families, especially those with children, to shift to protein-rich soybean-based drinks, thus boosted the sales of soybean milk makers.