Yili’s Profit Growth In Line in 1Q19, Lower Margins Offsetting Strong Revenue Growth
Narrow-moat-rated Inner Mongolia Yili Industrial’s net profit of CNY 2.28 billion in the first quarter, up 8% year on year, was largely in line with our full-year 7% growth forecast, but details are different to what we expected. The core business revenue grew 18% from last year, higher than our 13% forecast, while the 11.9% operating margin, down 90 basis points, was worse than our expectation. Management’s strategies in driving sales growth successfully led its market shares to further increas...Inner Mongolia Yili Industrial Group, through its subsidiaries, is engaged in the purchasing, processing and selling milk; raising milk cows and animals; import and export trading; manufacturing and selling cold beverages; manufacturing milk powder, fluid milk, frozen food and dairy food; assets and enterprise entrusted operations; industrial plantation; processing agricultural product; manufacturing and selling dairy products; investment development; selling minerals, animals and by-products; real estate development, operation and consultation services; purchasing agricultural by-products; and purchasing and selling feeds.
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