Adds details on half-year results, outlook
New Zealand’s a2 Milk Co Ltd ATM.NZ reported a 21% rise in half-year profit on Thursday, aided by strong growth in its labelled infant nutrition business in China and milk revenue in the United States.
The dairy producer posted a net profit of NZ$184.9 million ($116.73 million) for the six months ended Dec. 31 compared with NZ$152.7 million a year earlier.
The company said its sales from China label infant nutrition products doubled to NZ$146.7 million, while an expansion in the United States led to a more than 100% rise in sales there.
However, it kept its forecast for full-year earnings before interest, taxes, depreciation, and amortization margin unchanged in the range of 29%-30%.
A2 Milk’s sales from China, the world’s top market for formula milk, and other Asian markets grew about 77% in the first half.
The company, New Zealand’s fifth largest, said total revenue for the six months rose about 32% to NZ$806.7 million.
($1 = 1.5840 New Zealand dollars)
(Reporting by Anushka Trivedi and Aby Jose Koilparambil in Bengaluru; Editing by Arun Koyyur)
