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Inner Mongolia Yili Q3 loss widens

(Agencies)
Updated: 2008-10-31 15:10

Inner Mongolia Yili Industrial Group Co Ltd said it posted a net loss of 226.04 million yuan in the third quarter, wider than the year-earlier loss of 13.12 million yuan, after a milk contamination scandal hit China's dairy industry.

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In a report filed with the Shanghai Stock Exchange, the company said third quarter operating revenue rose 41.16 percent year-on-year to 7.6 billion yuan due to higher sales during the Olympic Games.

Selling expenses rose 84.59 percent year-on-year to 1.97 billion yuan on increasing advertising and marketing expenses.

The company said it booked a 126.27 million yuan asset impairment loss in the third quarter, much larger than the loss of 212,595 yuan a year earlier.

The loss per share in the third quarter was 0.28 yuan, compared with 0.03 previously.

Operating revenue in the first nine months fell 29.67 percent year-on-year to 19.11 billion yuan, with the net loss at 109.18 million.

Yili did not give an estimate for losses arising from the contamination of China's milk supply but it said earlier this month that it is still evaluating the impact of product recalls and customer refunds.

Last month, China's food safety regulators found melamine in milk powder and fresh milk products of some producers, including the country's top three dairy groups - China Mengniu Dairy Co Ltd, Yili and Bright Dairy.

No forecast for the rest of the year was given.