Infant formula maker Bellamys posted a full year loss of $809,000, a long way from the $38.33 million profit of the previous 12 months.
Revenue was $240.18 million, well below analyst expectations of about $330 million before the company hit a roadblock for sales into China.
However, the company has made some progress in restructuring the business, resetting costs and managing inventory, after sales in China slumped last year because of regulatory changes.
We are 6 months into an 18 month turnaround, we are tracking well but there are still challenges to navigate, says CEO Andrew Cohen. Importantly, the stability of the business has improved.
He says sales have stabilised and have gained momentum leading…
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