New Zealand's a2 Milk full-year profit up 8% on strong China sales (updated)

A2 Milk

18/08/2024 21:52

(Updates with further details from paragraph 2 onwards)
       Aug 19 (Reuters) - New Zealand's a2 Milk Co  ATM.NZ 
reported a 7.7% rise in annual profit on Monday underpinned by
strong demand for its products across its key markets,
especially in China.
    A2 Milk benefited from a combination of increased investment
and higher impact marketing campaigns in China even though the
country is dealing with a drop in its birth rate.
        The company's top money-making segment, China and other
Asia, recorded revenue of NZ$1.14 billion, up 14.1%, while China
label IMF sales jumped 9.5% to NZ$612.3 million.
  
    The infant formula maker's net profit attributable for the
year ended June 30 came in at NZ$167.6 million ($101.11
million), compared with NZ$155.6 million a year ago, and an
average analysts' estimate of NZ$167.9 million, according to
LSEG.


($1 = 1.6576 New Zealand dollars)

 (Reporting by Shivangi Lahiri and Sherin Sunny in Bengaluru;
Editing by Chris Reese)
 ((Sherin.Sunny@thomsonreuters.com;))