California plant contributed $1.2 million in profit to dairy giant in 2014.
Driftwood Dairy Holding Corporation , the US-based dairy plant of the Vietnam Dairy Products JSC (Vinamilk) earned VND2.6 trillion ($121.7 million) in revenue in 2014 and contributed $1.2 million in profit to the Vietnamese dairy giant.
According to Ms. Bui Thi Huong, Vinamilk's Executive Director of Human Resources Administration & Public Relations, this was the first year the plant has been profitable since Vinamilk joined the Executive Board, having previously posted continuous losses. Vinamilk purchased 70 per cent of the California-based plant at the end of 2013.
As part of its global investments, Vinamilk also opened a $23-million processing facility in Cambodia in 2014, in which it holds a 51 per cent share. It also invested in Poland, to create agricultural and livestock resources to support the production of its core products, including dairy products and beverages. This was also a way for the dairy giant to approach and expand its business in the European market.
Vinamilk posted total 2014 revenue of VND36 trillion ($1.7 billion), up 14 per cent against 2013, with corporate income tax payments standing at VND3.5 trillion ($163 million).