The A2 Milk Company’s half-year net profit jumped NZ$ 10.1 million from the previous corresponding period of NZ$125,000, driven by its strong infant formula sales, which represented 53 per cent of all its sales.
The company revealed its Australia and New Zealand markets continue to outperform with substantial growth in revenue, a total of $73.9 million, up 340 per cent from the previous corresponding period, and operating earnings, all due to the exceptional growth of its a2 Platinum infant formula. Its China and other Asian markets also recorded significant growth in revenue from infant formula and for the first time returned positive operating earnings.
A2 Milk posted a total revenue of $138.1 million, up 86 per cent from the previous corresponding year. A group operating EBITDA of $18.7 million, representing a 472 per cent increase from the previous corresponding year was also reported.
A2 Milk’s managing director, Geoffrey Babidge, said their infant formula “has emerged as a significant contributor to growth and earnings for the group as a whole.”
A2 Milk mentioned they are continuing to execute on its strategy of growing their ANZ and China businesses and developing growth opportunities in the UK and US markets.
