Synutra International, the Chinese infant formula maker, said its market position is now gaining strength as it narrowed its full-year losses.
For the year to the end of March, the company narrowed its losses to US$24.9m compared to a loss of $100.6m in the prior year.
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Net sales however, dropped by 6.6% to $291.9m.
Nonetheless, the firm narrowed its operating loss to $23.9m from a loss of $125.9m in fiscal 2009.
“We are very pleased with our fiscal fourth quarter financial results, which demonstrate a return to growth and profitability and the initial success of the significant operational improvements we implemented over the past year,” said Liang Zhang, Synutra’s chairman and CEO. “We believe our market position is gaining strength and that there are also strong signs of recovery in the end market.”
In the fourth quarter, net income increased to $9.1m from a net loss of $17.2m in the prior year.
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By GlobalDataNet sales increased 13.4% to reach $82.4m.
Click here to view the full earnings release.
