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- Revenue and Profit Attributable to Equity Holders Increased YoY 30.3% and 22.5% Respectively;
- The sales of own brands infant formula continue to grow;
- The sales of goat milk-based infant formula recorded new highs |
HONG KONG, May 12, 2017 - (ACN Newswire) - Ausnutria Dairy Corporation Ltd ("Ausnutria" or the "Company", together with its subsidiaries, the "Group"; stock code: 1717.HK), a leading dairy industry company with production facilities principally based in the PRC, the Netherlands and Australia, is engaged in the production and distribution of all dairy products (including infant formula) and nutrition products. Today, the Group announced its unaudited consolidated first quarter results for the three months ended 31 March 2017 (the "period under review").
For the period under review, the Group recorded revenue of approximately RMB751.3 million, representing an increase of approximately RMB174.8 million or 30.3% compared with the corresponding period in 2016. The Group's profit attributable to equity holders of the Company amounted to approximately RMB65.0 million, an increase of approximately RMB11.9 million or 22.5%, compared to the corresponding period in 2016. Excluding the impact of the new nutrition products business, which commenced in the fourth quarter of 2016 and still at its start-up stage with an operating loss of RMB4.6 million.
The Group's profit attributable to equity holders in the first quarter of 2017 amounted to RMB69.6 million, an increase of RMB16.5 million or 31.1% as compared with the same period in 2016. The improvement in financial performance is primarily attributable to the continuous increase in sale of the Group's own-branded infant formula products which was mainly driven by the continuous stable increase in demand for infant formula in the PRC; the increasing recognition of the high quality standards of infant formula manufactured by the Group; the clear brand positioning implemented by the Group; and the continuous extension of the sales network and the improvements of services provided to the customers.
Aided by the benefits resulting from above factors, sale of own-brand goat milk-based and cow milk-based infant formulae continued to grow. As a result, the Group achieved expected operating results during the period under review. The sales of own brand goat milk-based infant formula in the PRC achieved RMB220.6 million, dramatically increasing by 72.7% compared with the corresponding period in 2016. Moreover, the sales of the own brand cow milk-based infant formula in the PRC reached RMB256.9 million, representing an increase of 26.1% year on year.
To cater for the changing market environment and take full advantage of the market opportunities brought by "One Belt, One Road" strategy, the Group made further improvements to its upstream industrial chain and started construction of the new factories in the Netherlands and New Zealand to meet the increasing market demands. The new factories have already been substantially completed, with equipment installation and start of production slated to begin in 2017. The Group believes that the productivity and quality standards and in turn the turnover and profitability will be further enhanced once the new factories commences operation sometime in the future.
Mr. Yan Weibin, Chairman of the Group, said, "2017 marks the second year of our Group advancing into the 'Ausnutria Golden Decade' strategy. In accordance with established plans, the Group will continue to accelerate research and development progress, construction of the upstream supply chain. We achieved healthy growth in our core businesses, the infant formula milk powder, and our new nutrition products business.
The demand for infant formula in the PRC continues to show steady growth. The market shows tremendous potential, and we have gained significant recognition from the market and consumers with our high quality infant formula. We firmly believe that with our clear brand positioning, sales of the own brand infant formula will continue to increase. This will bolster further growth in performance, and maximize the company's value for our shareholders and consumers."
Topic: Press release summary
Source: Ausnutria Dairy Corporation Ltd
Sectors: Exchanges & Software, Daily Finance, Food & Beverage
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From the Asia Corporate News Network
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