NZ's a2 Milk hits near 4-month low on weak forecast, China market woes

A2 Milk

19/08/2024 01:39

** Shares of a2 Milk  ATM.NZ  fall as much as 21.4% to
NZ$6.080, their lowest level since April 22 
    ** Infant formula maker flags challenging conditions in
infant milk formula (IMF) market in China that could lead to a
decline in market value
    ** Co forecasts weaker-than-expected annual revenue growth
of mid single-digit increase in fiscal 2025
    ** Co posts net profit attributable NZ$167.6 mln ($101.45
mln) for FY24 higher than NZ$155.6 mln in prior year
    ** ASX-listed shares of a2 Milk  A2M.AX  fall as much as
23.8% to hit their lowest level since Feb. 16
    ** Stock up 68.0% YTD as of last close 
   


($1 = 1.6521 New Zealand dollars)

 (Reporting by John Biju in Bengaluru)
 ((John.Biju@thomsonreuters.com;))