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Vinamilk profit unaffected by milk crisis
Diary group Vinamilk, Vietnam’s second-largest listed company, reported a 35.5 percent profit jump in the first nine months of this year, reflecting strong demand at home and soaring exports.
Analysts said Vinamilk had so far been unaffected by a crisis in consumer confidence in milk products after a tainted milk scandal that originated in China reverberated across the world.
The country’s top dairy firm said it made net profit of VND1.02 trillion (US$61.5 million) between January and September as revenues rose 23 percent to VND6.11 trillion ($368.4 million).
Vinamilk’s sales rose in September after the industrial chemical melamine was found in milk products from China, Saigon Securities Inc. (SSI) said in a research note. The chemical had been added in China to cheat in quality tests.
The Ho Chi Minh City-based company said late last month that its products were clean because it used imported raw material from the Europe, the US and New Zealand.
Vinamilk is the domestic market leader with a share of 37 percent in dairy and beverages, while it is expanding into coffee and beer, SSI research said.
The broker forecast Vinamilk’s full-year net profit would rise to VND1.29 trillion ($77.8 million), above the company’s full-year target of VND1.14 trillion ($68.7 million).
Thanhnien
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