So Natural Australia Foods has reported an increase in half-year net profits of 851%, bringing the company’s profit for the financial period ending 31 December 2005 to AUS$674,000 (US$502,089). Revenue during the half rose 27% to AUS$23.5m.
In a statement to the Australian Securities Exchange, the company attributed the positive results to a growth in its business and acquisitions in the previous year. It reported “considerable sales growth” in core activities, including an 11.2% growth in Paramount Seafoods and a 5.5% rise at Freedom Foods. The company improved performance across each division, and said that the joint venture with CBPA and its Brunswick Seafoods acquisition contributed to the result.
The company said that the Thorpedo Foods business was anticipating a negative result for the financial year, but that it expected profits from mid-2006 from expanding international activities. Thorpedo Foods and Japanese company Yakult Honsha have completed a strategic partnership, the company said.
So Natural said that it is forecasting second half consolidated revenue and earnings to exceed first half results.