Infant formula behind a2 Milk $NZ10m profit
An insatiable appetite for infant formula has lifted a2 Milk’s half year profit a massive lift to $NZ10.1 million ($A9.34 million) and boosted its full year forecast.
The milk producer booked a record $NZ10.1 million profit for the six months to December 31, compared to $NZ0.1 million the previous year on the back of exceptional sales of its a2 Platinum infant formula product.
Sales of the formula in Australia, New Zealand and China more than qualdrupled to $NZ73.9 million ($A68.31 million), accounting for more than half of the group’s total turnover.
“Following a period of development, a2 Platinum infant formula has become a significant contributor to growth and earnings in ANZ, and China, which we see continuing,” Managing Director Geoffrey Babidge said.
The company’s also lifted its full year sales forecast to a range of $NZ335 million to $NZ350 million, with underlying earnings in the range of $NZ45 million to $NZ49 million.