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Wattle Health enters Macau, India

Trevor Chappell  |  01 Feb 2018Text size  Decrease  Increase  |  
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MELBOURNE - [AAP] Infant formula, baby food, and milk powders supplier Wattle Health (ASX: WHA) is expanding its presence in Asia, securing its first order from Macau just a day after breaking into the India market.

Wattle Health, which listed on the Australian share market in March 2017, says it has received its first paid order from a Macau distributor for Wattle Health's entire nutritional dairy range.

Macau's large tourism market and its proximity to China gives Wattle Health the opportunity to increase sales and exposure in Asia, the company says.

"With this order Wattle Health will continue to expand its distribution footprint internationally, and it allows Wattle Health to service the lucrative cross-border market with China through another distribution channel," executive chairman Lazarus Karasavvidis said on Thursday.

Wattle Health also said that its gross sales for January totalled $329,000, equivalent to 35 per cent of sales for the full fiscal 2017 year.

Wattle Health expects sales will continue to increase in 2018 as the company expands its distribution network both in Australia and overseas, and on the attainment of China Food and Drug Authority (CFDA) accreditation of Wattle Health's conventional cow milk infant formula.

On Wednesday, Wattle Health announced that it had won its first order from India for its natural baby food range.

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India and China are both fast-growing markets for infant nutrition products.

Wattle Health said on Wednesday that it has satisfied India's extensive regulations on food imports, allowing the company to enter the Indian market where almost half the population are under the age of 25.

Shares in Wattle Health were 11 cents, or 4.87 per cent, higher at $2.37 at 1143 AEDT.

 

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© 2021 Australian Associated Press Pty Limited (AAP) or its Licensors. This is the Morningstar service with content provided by AAP where indicated. AAP reserves all rights, including copyright, in services provided by it. The information in the service is for personal use only, does not constitute financial product advice (whether general or personal) and may not be re-written, copied, re-sold or re-distributed, framed, linked or otherwise used whether for compensation of any kind or not, without the prior written permission of AAP. You should seek advice from a professional financial adviser before making decision to acquire or dispose of a financial product.

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