Chinese dairy giant Yili has published its financial report for the third quarter of 2009, stating its net profit surged 220% year-on-year.
According to the report, Yili made revenues of CNY7.034 billion in the third quarter of 2009, maintaining the same level compared with the same period of 2008. Its net profit was CNY271 million, a year-on-year increase of 220% from loss of CNY226 million.
Meanwhile, the company reported total revenues of CNY19.295 billion and a net profit of CNY526 million for the first three quarters of 2009. During the same period of last year, it made revenues of CNY19.11 billion and loss of CNY103 million.
Yili said that the significant net profit growth in the third quarter was attributed to the company's implementation of a series of measures, including the optimization of product structure, the improvement of operating and management systems, the enhancement of technology innovation, and stronger marketing. The decrease of the prices of materials and the increase of gross profit margin also made contributions to the growth.