China Mengniu Dairy issues profit warning amid revenue and impairment challenges [Yahoo! Finance]
CHINA MENGNIU DARY UN/ADR (CIADY)
NASDAQ:AMEX Investor Relations:
mengniuir.com/html/ir_highlights.php
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Source: Yahoo! Finance
The Hong Kong-listed group expects to record a profit of approximately 50m yuan ($6.9m) to 250m yuan for 2024, a significant drop from 4.8bn yuan in 2023. According to a stock exchange filing, the slump stems from impairment provisions at its subsidiary Bellamy's Australia and asset devaluation at China Modern Dairy. Mengniu also pointed to an “imbalance between supply and demand in raw milk and lower-than-expected consumer demand” as factors impacting earnings. Bellamy's is anticipated to report a loss for 2024. Mengniu, which acquired Bellamy's in 2019 , said it had considered the subsidiary's "operating condition and financial performance" in recent years and "the future market outlook". The group expects to recognise an impa
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