Shares set to open lower; BlueScope signs off on Port Kembla blast furnace; Westpac’s core net interest margin falls to 1.86 per cent; Ampol will pay a 95¢ interim dividend; Chorus profits slump. Follow updates here.
has met its lower end of guidance for double-digit revenue growth, and eked out a small gain in earnings in 2023 but warned the key China market this year will be more challenging with a further double-digit decline in value expected due to fewer newborns.
The duel listed company also flagged that average selling prices will remain under pressure due to an increase competition driven as the market transitions to new China labelled GB product, excess manufacturing capacity and challenging macroeconomic conditions in the world’d the biggest formula market.Other Asia segment sales up 37.9 per cent but Australia/New Zealand sales fell 30.2 per cent due to a change in its English label distribution strategy.
Total infant formula sales were up 8.4 per cent with China label sales up 27.8 per cent and English label sales down 6.1 per cent.Group EBITDA gained 11.8 per cent to $NZ219.3 million with an EBITDA to sales margin of 13.8 per cent - virtually flat on a year ago’s 13.6 per cent. Margins held despite an increase in marketing and higher administrative costs. Net profit after tax was up 26.2 per cent to $NZ155.6 million.
David Bortolussi, a2 Milk’s chief executive, warned in April full-year revenue growth was likely to be at the low end of guidance of low double-digits, although he held firm on its profit forecasts for EBITDA margin as a percentage of sales to be flat.
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