Baby food company Bellamy’s see huge decline in profits
Organic baby food company Bellamy's (ASX:BAL) report a substantial decline in profits – 49.3 per cent loss to $21.7 million from last year's $42.8 million.
The period was impacted by regulation, a lower birth rate and increased competition for Chinese demand.
Net revenue is down 19 per cent on last year to $266 million.
Commenting on the FY19 results, Bellamy’s CEO Andrew Cohen said ‘While FY19 has been a challenging year, and the impact of regulation has been difficult, the changes made during the past year have set a new foundation for the long-term success of our brand.
Transformational rebrand is set to return the business to growth and is gaining momentum since March launch.
Shares in Bellamy's (ASX:BAL) trading 3.5 per cent lower at $7.77.
Copyright 2019 – Finance News Network
Source: Finance News Network
