Top Chinese dairy company reports 84 pct growth in 2013

Yili Group, China's largest manufacturer of dairy products, reported net profits of 3.2 billion yuan ($520 million) in 2013, up 84.4 percent from the previous year, according to its yearly report released on Tuesday night.

Yili took in 47.78 billion yuan in sales revenue last year, according to the report.

Yili's major rival Mengniu Group had sales revenue of 43.36 billion yuan in 2013 with net profits of 1.63 billion yuan, according to its yearly report.

Yili's strong performance was boosted by its integration of global resources and upgrade of products and research, said Chen Lianfang, a dairy industry analyst.

The company reported net profits of 1.088 billion yuan in the first quarter of this year, up 121.8 percent year on year.

Its baby milk powder plant in New Zealand, with an annual production capacity of 47,000 tons, is expected to begin operation in June, according to Zhang Jianqiu, executive president of Yili.

Yili inaugurated its research and development center at Wageningen University this February in the Netherlands, becoming the first Chinese dairy R & D center in Europe.