Soy milk and tofu products maker Vitasoy International Holdings has reported higher annual sales and profits, helped by growth in China and North America.

The Hong Kong-based company posted a 2% rise in net profit to HK$307m (US$39.6m) for the year to the end of March. EBITDA rose 6% to HK$653m.

The increase in earnings came on the back of an 11% gain in net revenue to HK$4.49bn. Vitasoy said its net profit growth was slower than sales amid higher tax costs and the absence of a tax incentive accrued in the previous year’s results.

Vitasoy’s largest division by sales and profit from operations is its combined Hong Kong and Macau business. Its second-largest is mainland China, which saw sales and profits grow during the year. Revenue and earnings were also higher in North America.

Sales and profits from Vitasoy’s combined Australian and New Zealand arm were down year-on-year. Vitasoy cited the weaker Australian dollar and said revenue and earnings from the division were up in local currency.

Click here for the full statement from Vitasoy.