Biostime International Holdings, the Hong Kong-listed infant formula maker, has reported higher nine-month revenue, as sales from vitamins arm Swisse offset pressure on its formula business.
The company posted revenue of CNY4.68bn (US$675.9m) for the nine months to the end of September, up from CNY4.49bn a year earlier.
However, Biostime said revenue from its baby care and nutrition division fell 3.3% amid a “highly competitive” infant formula market in China.
Biostime said the lower revenue from the division was “mainly attributable” to a decline in sales of its “mid-tier” Adimil infant formula brand. By contrast, revenue from the company’s Biostime-branded formula rose 8.8%.
Citing Nielsen data, Biostime said the company accounted for 6% of infant formula sales in China during the period, compared to 5.9% a year earlier.
Revenue from Swisse, which Biostime acquired in September 2015, rose 13.3%.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below formBy GlobalData
Biostime did not provide figures on profits for the nine-month period.