Beingmate, the Chinese infant formula manufacturer which has partnerships with Fonterra and Kerry Group, has announced losses of between €45m and €48m for the first half of its 2017 financial year. The half-year loss in earnings is stark considering that Beingmate announced forecasts at the start of the year to make a profit of about €2.5m in 2017.

The infant formula manufacturer has endured a difficult year amid allegations of insider trading and product tampering. Share trading in Beingmate on the Shenzhen stock exchange was halted in early July after the company announced plans to begin an asset sale programme to shore up losses.

This week, the company announced plans to sell its dairy farm assets based in China’s Heilongjiang province. This business has racked up steady losses in 2016 and in the first quarter of 2017 as weak milk prices are below the cost of production. Beingmate has also blamed its losses on the regulatory changes in China to the number of infant formula brands a company can manufacture.