Adds China sales, background on e-commerce
Aug 15 (Reuters) - Australia's Blackmores Ltd BKL.AX on Thursday reported a weaker-than-expected annual profit and flagged tougher trading conditions in China in the first half of fiscal 2020.
The vitamin maker has been battling with tougher e-commerce laws in its largest offshore market, China, which began a crackdown on foreign shipments amid concerns about its domestic market being overrun with foreign-made goods.
The crackdown included forcing Chinese distributors who order foreign goods online to register and pay tax.
Blackmores' overall sales to China, which includes direct exports and in-country sales, fell 15% in the year.
Restructuring costs and the acquisition of a manufacturing facility in Braeside are also expected to weigh on the company's first-half results in fiscal 2020, Blackmores said.
Net profit attributable fell to A$53.5 million ($36.12 million) in the year ended June 30 from A$70 million a year earlier. An average of nine analysts expected a profit of A$59.9 million, according to IBES data from Refinitiv.
The 87-year-old firm declared a final dividend of 70 Australian cents per share, down from 155 cents last year.
($1 = 1.4813 Australian dollars)
(Reporting by Shriya Ramakrishnan and Niyati Shetty in Bengaluru; Editing by Arun Koyyur and Maju Samuel)
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