A2 Milk posts soaring profits on back of infant formula stockpiling

Source: Xinhua | 2020-04-23

Dairy company A2 Milk is among businesses seeing a huge boost in sales as consumers stockpile goods amid the COVID-19 epidemic.

On Wednesday the New Zealand based company, which is listed on Australia's stock exchange, upgraded its yearly outlook after recording above expected revenue for the first three months of the year.

Acknowledging the uncertainty created by COVID-19, A2 predicted revenue for FY20 in the range of between 1.01 and 1.04 billion U.S. dollars, up from 774.7 million U.S. dollars the year before.

In early trade on Wednesday, A2's stock price was up close to 3 percent at a record high of 18.85 Australian dollars (11.86 U.S. dollars) per share.