Allied Brands, the master franchiser for Baskin-Robbins ice cream, has reported a AUS$1.04m (US$737,547) loss for the half to 31 December, a massive decline of 1636%.

In the half, the company was forced to take losses of AUS$600,000 in a failed attempt to takeover rival Retail Brands Corp. The Gold Coast-based company also suffered from changes to its revenue recognition policy and accounting standards.

The company said that it would move forward by launching its first ever television advertising campaign in coming months. In a statement provided to the Australian Securities and Exchange, Allied Brands also said that it was considering acquisitions to push the company’s rate of growth forward.