The stellar rise of a2 Milk took a hit yesterday, despite the company breaking the $1 billion revenue barrier for the first time.
The shares closed down $2.01 or 12 per cent, at $14.84 after the company reported a 47 per cent leap in net profit to a record $287.7m for the June year. At one stage the stock was down more than 15 per cent, hitting $14.10.
The consensus of market expectations was for a net profit of $297m.
The alternative milk and infant formula company's earnings before interest, tax, depreciation and amortisation (ebitda) jumped by 46.1 per cent