BEIJING - Beijing Sanyuan Foods Co Ltd, one of China's leading dairy producers, Friday reported a net loss of 128.76 million yuan ($18.86 million) in its 2009 earnings report.
The loss, attributed to increased marketing and operating costs, was a fall of 415.97 percent from a net profit of 41 million yuan in 2008.
Special Coverage:2009 Annual Reports of Listed CompaniesEarnings per share sank 405.92 percent to a loss of 0.1964 yuan, said its annual report filed with the Shanghai Stock Exchange.
The Beijing-based company attributed the higher marketing and operating expenses to the establishment of a new subsidiary, Hebei Sanyuan Foods Co, in late 2008, which needed investment to boost publicity and establish sales networks.
The company's stock fell 1.43 percent to 7.58 yuan per share Friday.
