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ASX ANNOUNCEMENT CLOVER CORPORATION Clover Corporation Limited ABN 85 003 622 866 16 March 2021 Clover today released its results For the half year ended 31 January 2021 • Net Sales Revenue in 1H FY2021 of $ 29.4m ( 1H 2020 : $ 37.6m ) a decrease of 21.7 % . • Net Profit after Tax 1H FY2021 $ 2.5m ( 1H 2020 : $ 4.6m ) a decrease of 45.8 % Adjusted for foreign exchange impacts , Net Sales Revenue 1H FY21 $ 30.3m Excluding Melody Dairy start - up and IP legal defence costs , an underlying NPAT 1H FY21 $ 3.3m Clover declares dividend of 0.5 cent per share As highlighted in last year's Annual General Meeting ( AGM ) Clover Corporation Ltd ( ASX : CLV ) has experienced difficult trading conditions through the 1H FY2021 . The infant formula market has undergone a shift in demand and supply chain driven by COVID restrictions and China market conditions , to which global infant formula manufacturers are adjusting their market response . Clover today released its results for the half year ended 31 January 2021 . The company has focused on the health and safety of its employees , introducing strict processes around work practices and supply chain protection . Clover has retained and grown its customer base , but the ongoing COVID - 19 pandemic has negatively impacted customer demand . Many of the new product programs under development have been placed on hold due to customers ' staff around the world working from home . Some customers have experienced reduced demand as the China market undergoes changes in supply channels due to COVID restrictions and the Daigou channel reduction , whilst minimal international travel by Chinese tourists and students has slowed the ' grey market ' importation of many products including infant formula . The local Chinese market has become more competitive with local manufacturers competing on price and aggressive channel strategies .