Chinese baby food group Ausnutria has posted a 158% jump in profits for 2009 and indicated that it is eyeing strategic growth opportunities in the coming year.
The company said that profits for the year ended 31 December increased to CNY182m (US$26.7m), up from CNY70.5m last year.
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Sales increased by 54% during the period, climbing to CNY623.7m.
In a regulatory filing, Ausnutria said sales benefited from the expansion of its product range, which now consists of three main brand A-choice Series, Best-choice Series and Allnutria Series. Ausnutria said that it is targeting consumers of “high-priced and/or premium-priced” products.
The company also revealed that margins saw a significant lift during the fiscal, rising from 36% to 49%.
During the year, the company completed a reorganisation plan and, in October, its shares were listed in Hong Kong. The IPO generated net proceeds of around CNY823.1m.
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By GlobalDataAusnutria said that it is currently exploring investment opportunities that would secure its milk powder supplies in China, Australia or elsewhere.
“We have not entered into any legally binding agreement or arrangement,” the company revealed. “However, the group has identified an investment opportunity and is currently in discussions with an overseas entity about our potential investment in its milk powder production operations and will publicly announce as and when appropriate.”
