New Zealand's a2 Milk reported net profit of $195.7m for the fiscal year ended 30 June, up 116% from the year before, with the growth attributed mostly to the increase in baby formula sales in China and Australia. The company said it had a strong balance sheet that would allow it to withstand any future price rises or currency fluctuations. The company's increased investment into branding and marketing led to the rapid growth of the formula business and expansion of the liquid milk business.
New Zealand's a2 Milk reported net profit of $195.7m for the fiscal year ended 30 June, up 116% from the year before, with the growth attributed mostly to the increase in baby formula sales in China and Australia. Revenue for the same period increased 68% to $922.7m with infant formula market share rising 5.1% in China and 32% in Australia, and physical distribution growing to approximately 10,000 stores in China and 6,000 stores in the US. The company's increased investment into branding and marketing led to the rapid growth of the formula business and expansion of the liquid milk business.