Synutra Has Loss In 4th Quarter
NEW YORK (AP) ¿ China-based baby formula maker Synutra International Inc. on Monday reported a fourth-quarter loss as sales slumped.
Net loss for the quarter ended March 31 totaled $17.2 million, or 32 cents per share, compared with a profit of $19.3 million, or 36 cents per share, last year.
Revenue fell 33 percent to $72.7 million from $108.2 million a year ago.
In September, Synutra said a Chinese agency had found melamine in some of its products. It stopped buying milk from two regions in China that may have been the source of milk contaminated with the chemical melamine.Sales more than tripled on a sequential basis, however, and Synutra said it is making progress in regaining consumer confidence. For the fiscal year, loss totaled $100.6 million, or $1.86 per share, compared with net income of $45.7 million, or 85 cents per share, last year. Revenue fell 14 percent to $312.5 million. The company said the cost of the melamine contamination and associated recalls totaled $101.5 million for the year.
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