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Australia's Treasurer Wayne Swan talks to journalists during a doorstop news conference outside the Parliament House in Canberra - Source: Reuters -
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Biotech dairy company A2 Corporation says business is stabilising and it is now turning a profit in Australia.
A2 Corporation's acting CEO David Mair at the company's annual meeting on Monday said its joint venture with Australian Dairy Products Australia was going from strength to strength after becoming profitable in December 2008.
Gross sales in Australia for the full year ending June 30 rose 60% from $AU11.5 million last year to $AU18.4 million, while total milk volume grew over 60% to 10.8 million litres.
The company says growth in Australia is partly due to expansion into Western Australia and the introduction of new products.
Elsewhere, A2 Corporation says it has regained rights to the US dairy milk market, though the market is "intensely competitive and continues to be a major challenge".
In New Zealand, its new CEO Scott Pannell is working to develop a business plan for the local market.
A2 Corporation says its success in Australia is proof that A2 beta casein milk, promoted for its health benefits, has commercial value.
