Chinese dairy giant Mengniu profit up 29.9 pct in H1

HOHHOT, Aug. 31 (Xinhua) -- Chinese dairy giant Inner Mongolia Mengniu Dairy (Group) Co., Ltd. reported an operating profit of 3.27 billion yuan (about 455 million U.S. dollars) in the first half of 2023, up 29.9 percent year on year, the company said in its half-year financial report.

The company's revenue totaled 51.12 billion yuan, marking a year-on-year increase of 7.1 percent, according to the report disclosed late Wednesday.

The liquid milk business contributed 41.64 billion yuan in revenue, while the ice cream business earned 4.31 billion yuan.

During the period, revenue generated by the cheese business skyrocketed by nearly 314 percent year on year to 2.26 billion yuan.

Boosted by the financial results, shares of the Hong Kong-listed company jumped by 4 percent to open at 26 Hong Kong dollars (about 4 U.S. dollars) on Thursday morning.