The Inner Mongolia Yili Industrial Group Co., one of China's biggest diary companies, said Wednesday that its profits more than doubled in 2011 to top 1.8 billion yuan (287.3 million U.S. dollars) due to booming sales.
The company's total revenues reached 37.45 billion yuan. Earnings per share stood at 1.13 yuan, according to a statement filed to the Shanghai Stock Exchange.
Revenues from milk powder sales exceeded 5.6 billion yuan, with sales of the company's high-end milk powder products rising 81 percent year-on-year, said the statement.
Yili dominated the country's milk powder market with a 21-percent market share, according to Acnielsen.
Sales of Pureday, a type of yogurt produced by Yili, have risen by more than 50 percent for five consecutive months.
Chen Yu, a dairy industry expert, said 45 percent of China's domestic dairy companies were eliminated from the market in 2011.
Increased industrial concentration will spur big dairy producers to improve production and management, which will promote the industry's healthy growth, Chen said.
Yili's shares rose 0.09 percent to 23.22 yuan as of 10 a.m. Wednesday.