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BEIJING - The Inner Mongolian Yili Industrial Group Co, one of the biggest milk products makers in China, posted a 136.7-percent increase in its first-half profits despite rising raw material costs and fierce industry competition.

The Hohhot-based dairy producer said in a statement filed to the Shanghai Stock Exchange that its first-half profits rose to 816 million yuan ($127.5 million), while its revenue increased 28.42 percent year-on-year to 18.87 billion yuan.

Earnings per share stood at 0.51 yuan, compared with 0.22 yuan one year earlier. The value of its assets jumped 21.39 percent from one year earlier to 18.65 billion yuan at the end of June, according to the statement.

The dairy maker attributed the sharp profit growth to increased revenue and its sale of an investment management company in January, which earned it 162.22 million yuan.