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Mengniu expects $131m loss due to melamine

By Tu Lei (chinadaily.com.cn)
Updated: 2008-12-24 12:37

China Mengniu Dairy Co Ltd, the nation's largest liquid-milk producer said losses brought on by the melamine scandal would reach 900 million yuan ($131.39 million) in 2008.

The melamine-tainting scandal caused company sales to slump, forcing it to write off inventories and increase raw-milk disposal and sales promotion costs, the company said in a statement to the Hong Kong stock exchange on Dec 23.

China's $20-billion dairy industry stumbled after 22 diary producers, including China Mengniu, were found to have melamine in their products. National Development and Reform Commission, China's top economic planner, said in November that the government would increase loans to dairy producers and subsidize milk farmers.

Mengniu is seeking opportunities to improve its financial status, but no agreement has been reached yet, it said in the statement.