Beingmate, the Chinese infant formula maker, has posted a loss for the first half of the year, blaming competition in the sector.
The company reported a loss of CNY102.96m (US$162.3m) compared with a profit of CNY107.8m year on year.
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Revenues fell 26.3% to CNY177.26,
Beingmate attributed the decrease in sales to a fall in volumes amid competition in China's infant formula category. It also pointed to the result of its "business transformation" not being completed – this includes innovation and a move to mobile sales.
In March, Fonterra completed its partial tender offer to invest in Beingmate, paying US$533m for an 18.8% stake
Last week, rival infant formula producer Biostime International Holdings said intensifying competition in China's infant formula sector had weighed on its half-year profits.
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By GlobalDataThe Hong Kong-listed group saw net profit tumble by 34% to CNY205m. Revenue was down 10.3% at CNY1.96bn.
