posted more than a 22 per cent gain in net profit to $NZ68.5 million in the first half of fiscal 2023, as its turn around gained traction and grew its market share for its baby formula in China, although sales in the world’s biggest formula market tumbled amid a falling birth rate.
Earnings before interest, tax, depreciation, and amortisation were 10.5 per cent higher at $NZ107.8 million, with an EBITDA to sales margin of 13.8 per cent. This was dragged lower due to lower formula sales to resellers in Australia/NZ. Chief executive David Bortolussi said on Monday that a2 Milk’s China brand health reached new highs driven by increased investment and higher impact marketing campaigns, while innovation continues to ramp up with recent product launches in all categories supporting growth.
On Friday a2 Milk flagged that Chinese authorities will this week start the inspection at its manufacturing partner’s Dunsandel facility this week – a step towards securing SAMR registration under the new import standards for its Chinese label formula product made by Synlait Milk.
Ahhh China so that's why it's over $6 per 2litres.
Australia loves Chinese money but preparing nuclear subs and hosting nuclear bombers to fight.... oh well, China. The world famous backstabber.