Australian food company So Natural Foods Australia has warned that it expects to post a net loss of around A$0.295m (US$0.21m) for the second half, compared to the profit it had previously been expecting.
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The company said fiscal 2004 had been a year for investing for the future. So Natural carried out a review of the traditional soy business and set up new platforms for growth during the period, reported Ralph Wragg Australian Business News.
“However, the soy market was difficult and despite addressing unprofitable products and spending around $1m launching a new soy brand, the soy division performed well below budget,” the company was quoted as saying.
“Conversely, Paramount Seafoods and Freedom Foods exceeded profit expectations, but being recent acquisitions will not make up the soy shortfall in this year,” it added.
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