Aug 21 (Reuters) - New Zealand's a2 Milk Co on Monday forecast weak revenue growth for fiscal-year 2024 and flagged challenges in China's infant milk formula (IMF) market, despite posting a 27% jump in annual profit.

The dairy producer expects revenue growth in the low single digits in 2024, compared with revenue growth of 10% to NZ$1.59 billion in the previous fiscal year.

“The China IMF market has become increasingly challenging as a result of lower birth rates and increased competitive intensity," said David Bortolussi, managing director and chief executive officer.

The company's China label product sales jumped 27.8% to NZ$559.3 million.

A2 Milk's top money-making segment - China & Other Asia - recorded revenue of NZ$1,002.2 million, compared with NZ$726.5 million a year ago.

The dairy producer's net profit for the year ended June 30 came in at NZ$155.6 million, compared with NZ$122.6 million a year ago, and versus an average analysts' estimate of NZ$145.9 million, according to Refinitiv. ($1 = 1.6869 New Zealand dollars) (Reporting by Poonam Behura in Bengaluru Editing by Matthew Lewis)