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AU$10.640
$+0.250 / +2.410%
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A2 Corp encouraged by progress in Australia - The a2 Milk Company

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A2 Corp encouraged by progress in Australia

October 14, 2009

Biotech dairy company A2 Corporation says business is stabilising and it is now turning a profit in Australia.

A2 Corporation’s acting CEO David Mair at the company’s annual meeting on Monday said its joint venture with Australian Dairy Products Australia was going from strength to strength after becoming profitable in December 2008.

Gross sales in Australia for the full year ending June 30 rose 60% from $AU11.5 million to $AU18.4 million, while total milk volume grew over 60% to 10.8 million litres.

The company says growth in Australia is partly due to expansion in Western Australia and the introduction of new products.

Elsewhere, A2 says it has regained rights to the US dairy milk market, though the market is “intensely competitive and continues to be a major challenge”.

Meanwhile in New Zealand, the company’s new CEO Scott Pannell is working to develop a business plan for the local market.

A2 Corporation says its success in Australia is proof that A2 beta casein milk, promoted for health benefits, has commercial value.

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