Vitamin maker Blackmores
(ASX:BKL) has announced a 43 per cent fall in profits for the third quarter of 2019 when compared to the year earlier period.
Meantime, revenue of $460 million, rose 6 per cent on the prior corresponding period.
The decline in sales was partly due to a new China e-commerce law which came into effect during the quarter, meaning that some goods being sent to China through e-commerce channels need to adhere to higher product safety standards and a stricter tax regime.
Blackmores says the third quarter has been a “challenging” period for the business.
The company's outlook is for modest full-year revenue growth with second half profit performance not expected to be ahead of the first half result.
Shares in Blackmores
(ASX:BKL) are trading 3.55 per cent lower at $86.52.
