Mengniu profits beat analyst estimates

China Mengniu Dairy (2319.HKG) said profits grew 25% last year and attributed the growth in earnings to greater demand for its milk and yogurt products, Bloomberg reported, citing the company’s earnings statement. Net income climbed to US$262 million (RMB1.63 billion) versus an average estimate of US$241 million by analysts. The country’s largest dairy producer has been plagued with food quality scandals since 2008. Amid a government push to raise food-quality standards, the company has tried to build back consumer confidence through increased foreign partnerships and strengthening its supply chain and products through acquisitions.