Pengxin's Milk NZ unit triples sales, profit after buying farms

Mon, 29 Dec 2014

Dec. 29 (BusinessDesk) - Shanghai Pengxin's Milk New Zealand Holding unit tripled its sales and profit last year after acquiring a controlling interest in Canterbury-based Synlait Farms and agreeing to extend its land holdings with farm acquisitions in Northland and near Taupo. Profit rose to $32.8 million in the 12 months ended June 30, from $11.1 million a year earlier, according to the Auckland-based company's annual report. Sales, mostly from milk, rose to $29 million from $10.3 million. Pengxin entered the New Zealand dairy market wi...

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