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Mengniu Dairy posts net loss of RMB 948.6 mln for 2008

Published: 17 Apr 2009 00:32:04 PST

Apr. 17, 2009 (China Knowledge) - China Mengniu Dairy Co Ltd<2319> announced that its net loss hit RMB 948.6 million in 2008, an amount exceeding the amount of net profit it earned in 2007, sources reported.

It is the first annual loss for Mengniu since its listing in the Hong Kong stock market in 2004.

The annual report shows the company's gross profit margin declined to 19.6% from 22.5% a year earlier, while the sales revenue rose 11.9% to RMB 23.87 billion.

The company attributed the loss to the surging expenses caused by the tainted milk scandal that broke last September.

Yao Tongshan, the executive director and CFO of Mengniu, said the company has no financing needs as its financial condition is fine, and it will introduce more value-added products to conquer difficulties.

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