(Adds details about China sales, U.S. expansion, outlook)
Feb 21 (Reuters) - New Zealand's a2 Milk Co Ltd ATM.NZ posted a record half-yearly profit on Wednesday on surging demand for its infant formula products in China.
Net profit after tax was NZ$98.5 million ($72.33 million) for the six months to Dec. 31, up about 150 percent from a year earlier, the company said. Analysts at Citi had forecast an interim profit of NZ$83 million.
The firm has been reaping the benefits from using informal "daigou" shopping agents to distribute in China, while some rivals have been caught out by new China's registration laws that caused many in the sector to dump their product. is a channel of commerce where an entity outside China purchases products for customers in mainland China in a bid to avoid high import duties.
"Sales of a2 Platinum infant formula again grew substantially in Australia and China supported by an increase in market share in those regions," the company said.
A2, which produces milk free from a protein that it says causes gut problems in some milk drinkers, has focused heavily on China. Revenues from China and other Asian businesses rose threefold during the first half to NZ$114.4 million.
The dairy firm has also been expanding into major U.S. supermarkets and said it intended to grow its brand in states such as New York, New Jersey and Connecticut. company confirmed earnings growth in the second half would be tempered by a higher marketing expense, adding that the increase in profit from the prior half was expected to be in the range of about NZ$35 million to NZ$40 million.
Shares in the firm have surged, gaining more than 275 percent in 2017 and touching a record high earlier this year.
In a separate statement, A2 said it would work with milk supplier Fonterra Co-operative Group FCG.NZ in supply, distribution, sales and marketing in selected markets. = 1.3618 New Zealand dollars)