Natural Dairy (NZ) Holdings saw its full-year losses widen as the company was hit by an increase in expenses.

In the 12 months to the end of May, the New Zealand firm booked a net loss of HK$331.3m (US$42.7m), compared to a net loss of HK$154.3m in the prior year.

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The firm blamed the widening of the loss on an increase of HK$143.9m in general and administrative expenses and lower sales of dairy products during the year.

Sales in the period amounted to HK$30.8m, a 47% decrease on the last fiscal year. The drop was a result of “unsatisfactory market response” during its first year of trading of milk and milk powder.

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