Vinamilk buys US dairy firm (VOV)

Vietnam Dairy Products Joint-Stock Company (Vinamilk) has received a certificate for investment worth US$7 million to acquire a 70% share of American company Driftwood Dairy.

Driftwood Dairy- a U.S. dairy business founded in California since 1920, provides fresh milk, fruit juicea and light food for schools, hotels, hospitals, supermarkets and restaurants.

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Previously, Vinamilk invested VND179 billion in Miraka Limited Company of New Zealand. Its profit after tax reached VND1,690 billion in the third quarter, up 21.15% over the same period last year. Its earnings per share (EPS) was VND6.076.

By September 30, the company’s assets had increased from VND19,698 billion to VND20,660 billion and its undistributed profit after tax from VND5,198 billion to 5.677 billion.

Its total consolidated revenue is expected to hit VND32,500 billion, including VND7,830 billion in profit before tax and 6,230 billion in profit after tax this year.

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