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So Natural reports net loss

10-Sep-2001

On September 7, the largest Australian manufacturer of soybean beverages and foods So Natural Foods posted a A$233,867 (Euro132,566m) net loss for the year ended June 30, 2001, compared to a net profit of A$1.127m (Euro638,834) in the previous year.


Revenue was down 3.9 per cent from A$24.5m (Euro13.887m) to A$23.5m (Euro13.32m).


According to Gil Hassin, director of So Natural Foods, the result reflected an 11 per cent decline in the soymilk category as well as disruptions during a factory expansion program and plant integration.


He said the company also fought a successful court case against the Sutherland Shire Council over its 24 hour trading licence.


"Improved returns should flow to shareholders this year as momentum develops from recent product and sales initiatives plus manufacturing efficiency gains," Hassin said.


Last year a 4.75-cent dividend was made but this year shareholders will not be issued with a dividend.

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