A2 lifts annual net profit 52% in 'challenging' market conditions

Chief executive David Bortolussi expects high single-digit sales growth in 2023. (Image: A2 Milk)

Mon, 29 Aug 2022

A2 Milk said its steps to address excess infant formula inventory helped lift annual net profit 52% despite “challenging” market conditions and that it will buy back up to $150 million of its own shares.The infant formula company said net profit attributable to shareholders for the year ended June 30 rose to $122.6m from $80.7m the previous year.A2 shares jumped as much as 43 cents, or 7.9%, to $5.90 in morning trading and were recently quoted at $5.89.The company had net cash of $816.5m at June 30 and said that it continues to put...

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