A2 milk | A2 Milk misery

OPINION: In recent years Fonterra has been ridiculed by commentators about the fact that it has been upstaged by a young dairy company, a2 Milk.

Just last August, a2 was living the dream, reporting a bumper after-tax profit of $385.6 million on revenues of $1.73 billion.

Its share price, which at one stage had dropped to 10c, hit the giddy heights of $21.50, valuing the company at $15.9 billion, above NZ’s biggest co-op.

But the tables have turned. Thanks to three successive profit downgrades, a2’s fortunes have tumbled.

In recent weeks, its share price was $9.50, meaning the company has more than halved in value in little over six months.

It’s currently worth about $7 billion.

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