China Mengniu Dairy (HKG:2319) forecasts its attributable profit to plunge to between 50 million yuan and 250 million yuan in 2024 from 4.81 billion yuan according to a Tuesday filing with the Hong Kong Exchange.
Revenue is seen to decline during the year due to an imbalance between supply and demand for raw milk, while its Australian subsidiary is seen to incur a loss during the year, the filing said.
China Modern Dairy Holdings, an associated firm, is seen to recognize additional losses from fair value changes less costs. Mengniu's share of losses from the company is slated between 790 million yuan and 900 million yuan, the filing said.
Shares surged 10% during Wednesday's afternoon trading.
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