Chinese infant formula Emerald Dairy has seen one-off costs hit its bottom line in the first quarter of 2010, when the company swung to a net loss.
The US-listed firm today (18 May) booked a net loss of US$2.3m for the three months to the end of March thanks to “liquidated damages” of $5m linked to warrants.
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However, excluding those charges, Emerald booked adjusted net income of $2.7m – up from $1.6m a year earlier. Net sales jumped 31.3% to $14.3m.
“We are pleased with the results of this quarter,” CFO Shu Kaneko said. “We increased revenue and reduced operating expenses. In fiscal 2009, we raised financing which we are using for the construction and equipping of a second and larger production facility. We expect this new facility to be ready for production by mid-2010.”
Click here for the full earnings release from Emerald. Click here for just-food’s interview with Emerald CFO Shu Kaneko.
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