Australia's a2 Milk upgrades revenue forecast after strong sales in China

Updated 2017-04-27 14:01:05 Xinhua

Australian dairy giant a2 Milk has upgraded its yearly revenue forecast on the back of strong sales in China.

In a statement issued on Wednesday, the company said it forecast revenues of 4 million for the financial year ending in June, up 49 percent from 5 million in the financial year ending in 2016.

The company generated sales of 1 million in nine months up to March 31 with third quarter infant formula sales exceeding expectations.

"Demand has been particularly strong in Australia, but also through the cross- border e-commerce channel into China," managing director Geoff Babidge told News Limited on Wednesday.

"On the assumption of continuing strong demand for a2 Platinum infant formula and production deliveries achieved consistent with the revised production schedule, the company is now expecting infant formula sales for the second half (of 2017) to exceed sales achieved in first half."

The news has been well received by investors who drove the company's share price up by 6 percent on Wednesday morning.

The stock price of the company has climbed 81 percent in the last 12 months to .2 per share.

The company confirmed on Wednesday that it would work closely with manufacturing partner Synlait Milk to increase supply for the last quarter of the financial year to "uplift the production schedule for the remainder of financial year 2017."

Also in the News

Nicole Kidman Recalls Oscar Glory: Loneliest Time
Showbiz2016/06/16 13:58August 17 2017 11:52:49

Nicole Kidman Recalls Oscar Glory: Loneliest Time

Attending Shanghai International Film Festival, Nicole Kidman talks about her role in "Grace of Monaco".

Labor Day Travel Peak Starts
Also in the News2014/05/01 12:16August 17 2017 11:52:49

Labor Day Travel Peak Starts

Johnny Depp Delivers a Speech 'Evolve the Future' in 'Transcendence'
Also in the News2014/04/18 13:18August 17 2017 11:52:49

Johnny Depp Delivers a Speech 'Evolve the Future' in 'Transcendence'

Hollywood star Johnny Depp's speech in the upcoming new film "Transcendence" has been disclosed on Friday, April 11th.

Most Watched

News:
China World Business Sports Showbiz Audio
Video:
C4 My Chinese Life The Sound Stage China Revealed Showbiz Video Travel Video
Photos:
China World Fun Travel Entertainment Sports
Travel:
Beijing Shanghai Guangzhou
Lifestyle:
Live Music Opera & Classical Movies Traditional Shows Exhibitions
Learn Chinese:
Chinese Studio Living Chinese Everyday Chinese Just For Fun Chinese Culture Buzzwords