(Adds details on results)
Aug 21 (Reuters) - New Zealand's a2 Milk (ATM) on Wednesday posted a 47% jump in annual profit, boosted by higher demand for its infant formula and dairy products in China and market share gains in the United States.
Slowing growth in China has hurt consumer staples companies, but a2 Milk has managed to defy most trends as Chinese parents embrace a2's infant milk powder that is marketed as easier to digest than conventional milk because it lacks the A1 caesin protein.
Net profit after tax for the year to June 30 was NZ$287.7 million ($184.56 million), compared with NZ$195.7 million last year. The figure was lower than a Morgans forecast of NZ$302.7 million.
The company has also been boosting its market share in China by pushing into smaller cities as families shift to foreign milk and infant formula after a series of scandals found some local milk was contaminated.
Its infant formula market share in China rose 6.4% over the year and the Auckland-based company added that its milk revenue from the United States more than doubled.
The company plans to exit its UK liquid milk business in the first half of 2020 to focus on its core markets.
Total revenue for the year rose 41.4% to NZ$1.30 billion. ($1 = 1.5588 New Zealand dollars)
