Blackmores changes tack in China as profit falls

Blackmores, once an investors’ darling as China’s appetite for health products drove double-digit annual sales growth, is now struggling with tougher import rules and a slowdown in consumer spending in its biggest overseas market.

SYDNEY: Australian vitamin maker Blackmores Ltd warned first-half profit would decline due to tougher conditions in China, as it disappointed investors with weaker-than-expected earnings and a dividend cut, sending its shares down 12%.

Blackmores, once an investors’ darling as China’s appetite for health products drove double-digit annual sales growth, is now struggling with tougher import rules and a slowdown in consumer spending in its biggest overseas market.