August 21, 2018 / 8:39 PM / 3 months ago

New Zealand's a2 Milk full-year profit beats estimate on China demand

Aug 22 (Reuters) - New Zealand’s a2 Milk Company said its annual profit more than doubled on Wednesday, above market expectations as rising demand in diary-hungry China bolstered its business.

It reported a net profit after tax of NZ$195.7 million for the year ended June 30, a 116 percent jump, which beat the NZ$189.3 million average forecast of analysts polled by Thomson Reuters I/B/E/S.

a2 Milk Company also reported a 68 percent surge in annual revenue to NZ$922.7 million, but flagged higher costs ahead as it seeks to stay competitive. (Reporting by Nikhil Kurian Nainan in Bengaluru Editing by Mark Heinrich)

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