A2 profits slump
A2 Milk Company has reported a big drop in net profit to $112 million for the first half of 2020-21, down from $172.3m in the same period a year ago.
Total revenue fell 16 per cent to $631m because of coronavirus pandemic-related challenges, including severe disruption to the trans-Tasman dairy company’s valuable daigou reseller channel supplying locally acquired infant formula to Chinese households.
However, the company reported strong performance in China for its locally labelled infant nutrition brand, with revenue up 45pc after lifting its retail footprint to about 22,000 mother and baby stores.
Solid performance in liquid milk sales in Australia lifted revenue growth 16pc, and gave A2 Milk an 11.7pc share of the white…