The net profit of Chinese dairy giant Yili Industrial Group Co., Ltd. surged by 16.36 percent to 9.38 billion yuan (about 1.31 billion U.S. dollars) in the first three quarters of 2023, the company said in its financial report.
It generated revenue of 97.09 billion yuan, up 3.84 percent year on year, during the period.
Sales volume growth, material price decline, and lower management and marketing expenses in the third quarter of 2023 contributed to the surging net profit, the report said.
In the first three quarters, the liquid milk business contributed 65.43 billion yuan in revenue, while the milk powder and dairy products business earned 19.92 billion yuan.
