Vitasoy Profit Rises Despite Lower Annual Revenue

Vitasoy International Holdings reported higher annual profit for FY2025/26, even as revenue declined due to weaker sales in Mainland China and softer performance in parts of its Hong Kong operation.

For the year ended March 31, 2026, the plant-based food and beverage group recorded revenue of HK$6.06 billion, down 3% from HK$6.27 billion a year earlier. Profit attributable to shareholders rose 17% to HK$274 million, while profit from operations increased 18% to HK$430 million.

The company said the result was supported by lower operating costs, improved plant efficiency and a gain from the disposal of idle land and buildings held by Vitasoy Shanghai. Excluding that disposal and an impairment charge in Australia, profit from operations rose 4%.

Mainland China weighs on sales

Mainland China remained the main drag on group revenue, with sales down 5%. Vitasoy said growth in newer omni-channel sales did not offset a decline in general trade. The company said it has strengthened its sales organization in China and consolidated more production at its Dongguan factory to improve asset use.

In Hong Kong, Macau and exports, revenue fell 3%, mainly due to weaker performance in Macau and Vitaland, while the company said its Hong Kong plant milk and tea businesses remained stable.

Vitasoy Profit Rises Despite Lower Annual Revenue — © Vitasoy

Mixed performance outside China

Australia and New Zealand delivered record net sales revenue, up 4%, and reduced operating losses before impairment. However, Vitasoy recorded an AUD19 million impairment on property, plant and equipment in Australia, citing recent losses and a delayed recovery.

Singapore revenue increased 9%, supported by tofu sales, with the business returning to profitability through higher volume, product and cost adjustments, lower raw material costs and transport savings.

“For Vitasoy, FY2025/2026 was a dynamic year marked by highly competitive market conditions, particularly in the Chinese Mainland, as well as heightened geopolitical uncertainty,” said Winston Yau-lai Lo, Executive Chairman of Vitasoy International Holdings.

“Against this challenging backdrop, the Group focused on evolving its operating model and upgrading its organisational capabilities to prepare for a future of sustained growth.”

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Mainland China weighs on sales

Mixed performance outside China

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