Chinese infant formula company Beingmate Baby & Child, in which Fonterra has an 18.8 per cent interest, said its expected its loss for 2016 would now come to RMB750 million to RMB800 million ($150.8m to $160.9m) - about double its previous forecast. The company last year forecast a loss of RMB380m to RMB410 million ($76.4 to $82.4m). The revised loss compares with a profit of RMB103.6 million ($20.7 million) in 2015. "Our partnership with Beingmate is a long-term investment to grow in the domestic infant formula market," he said. Distribution of Fonterra's Anmum infant formula brand in China has grown from 60 cities in 2015 to more than 170 cities today.

Source: New Zealand Herald January 24, 2017 23:52 UTC