Why it matters: The slowdown in the Chinese economy is affecting local companies.
But a2 Milk says it is on track to hit its longer term $NZ2 billion sales goal.
The company, listed on the ASX and NZX, has not declared a final dividend.
The a2 Milk Company has met its lower end of guidance for double-digit revenue and earnings growth, but warns the key China market will be more challenging this year with China’s birth rate at a record low.
The infant formula producer, listed on the ASX and in New Zealand, also flagged prices will remain under pressure due to an increase in competition, excess manufacturing capacity and challenging macroeconomic conditions in the world’s biggest formula market valued at about $28 billion.
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Carrie LaFrenz is a senior journalist covering retail/consumer goods. She previously covered healthcare/biotech. Carrie has won multiple awards for her journalism including financial journalist of the year from The National Press Club. Connect with Carrie on Twitter. Email Carrie at carrie.lafrenz@afr.com
