Synutra International, the Chinese infant formula maker, has seen its third-quarter losses narrow after the company lapped its melamine-affected results of last year.
The company today (9 February) booked a net loss of US$9.7m for the three months to 31 December, compared to a loss of $49.3m last year.
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The result was also an improvement on Synutra’s last quarter. The group said its net loss in the second quarter of its current fiscal year stood at $14m.
Synutra’s third-quarter revenue jumped by 400% to $96.8m as the company grew sales and improved market share.
The company’s sales were hit last year after its U-Smart product was involved in the melamine scandal of 2008.
The Chinese government had found that eight lots of Synutra’s U-Smart products had been contaminated with melamine, an industrial chemical.
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By GlobalDataThe contamination and subsequent recall hit Synutra, which embarked on a series of marketing initiatives to convince consumers of the safety of its products.
