FREEDOM Foods is looking for Asian partners to launch its allergy-free cereal business to bolster exports in the region. <\/p>\n
Managing director Rory Macleod said the company hoped its cereals arm can replicate its Pactum Dairy operation which produces long-life milk for one of China's biggest dairy companies, Bright Foods. <\/p>\n
Freedom posted an 11.6 per cent slide in net profit to $12.1 million in the 12 months to June 30. Mr Macleod attributed the decline to booking a pre-tax profit of $11.8 million the year before from reducing its stake in a2 Milk from 25 to 17.9 per cent. <\/p>\n
While Freedom's profit eased, its net sales grew 5.97 per cent to $104.6 million. Investors warmed to the result, the company's shares jumping 2.8 per cent to close at $3.25. <\/p>\n
Mr Macleod expected more sales growth in the next two years as it increases exports in the US and Asia. <\/p>\n
But he said he didn't want to rush the expansion. <\/p>\n
\"We want to be quite thoughtful about what we'll do,\" Mr Macleod said. \"It's not a case of taking the whole range over there and see who will bite. <\/p>\n
\"You have to be very careful about what products you are going to take up there and sell.\" <\/p>\n
Mr Macleod said working with a Chinese company was therefore more preferable than relying on distributors. <\/p>\n
\"In China it's about partnerships collaboration, which we prefer to do and we enjoy because it's about value-adding on the products and ideas' side, and your partner taking it to market and dealing with consumers. <\/p>\n
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Freedom looks for Asian partner<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" FREEDOM Foods is looking for Asian partners to launch its allergy-free cereal business to bolster exports in the region. Managing director Rory Macleod said the company hoped its cereals arm can replicate its Pactum Dairy operation which produces long-life milk for one of China's biggest dairy companies, Bright Foods. Freedom posted an 11.6 per cent slide in net profit to $12.1 million in the 12 months to June 30 Continue reading