Beingmate sells baby appliance business
Updated: 2012-11-12 17:21
By Wang Ying in Shanghai (chinadaily.com.cn)
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Zhejiang-based infant food provider Beingmate Group Co Ltd said it plans to sell its infant and baby appliances' business in a bid to boost its focus on baby food division.
In a notice filed to the Shenzhen Stock Exchange, the Hangzhou-headquartered company announced that it will strengthen its infant food business by selling its baby appliances' business.
Beingmate's infant appliances income only accounted for 4.5 percent of its 2011 operating revenue, while its milk powder income rose to 89.8 percent of the company's revenue, according to its 2011 annual report
The company earned 212 million yuan by selling infant products and infant clothes in 2011, a drop of 18.61 percent year-on-year.
In the first half of this year, its milk powder division raked in 2.39 billion yuan, up 11.79 percent year-on-year, or 92.73 percent of the company's first-half revenue.
Due to the uncertainties of business, trading in shares of the company was suspended on Monday and will resume on Tuesday.
Public information shows that Beingmate started to expand its milk powder output in 2011. The baby food and appliances company has invested 599 million yuan in a milk powder project in Heilongjiang province and 123 million yuan in a rice powder project in Beihai in Guangxi Zhuang autonomous region.
wang_ying@chinadaily.com.cn
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