Bellamy’s, the Tasmanian company whose sales have exploded on demand in China for its infant formula, has made it into the to 200 ASX-listed companies.
The company, which posted a 325% rise in half year profit to $13.7 million, was added to the S&P ASX 200 index in a regular rebalancing by S&P Dow Jones Indices which is effective March 18.
Demand is so great for its organic infant formula that the company has struck a manufacturing deal with Fonterra Australia to produce infant formula at Darnum, in southeast Victoria.
Among the companies kicked out of the ASX 200 index is troubled law firm Slater and Gordon, taxi payment system Cabcharge, under attack from Uber, and the tv network Ten Network, suffering from a weak advertising market.
And making a triumphant return to the top 50 companies is Qantas after its return to profit and the subsequent surge in its share price.
It replaces billionaire James Packer’s Crown Resorts, which is taking a hit in revenue from its casinos in Macau, on the ASX 50 index.