Synutra Int'l (SYUT) Reports Break-even Q1
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Synutra Int'l (NASDAQ: SYUT) reported Q1 EPS of $0.00, versus $0.13 reported last year. Revenue for the quarter came in at $77.9 million, versus $82.33 million reported last year.
Mr. Liang Zhang, Chairman and CEO of Synutra, commented, "We reported an increase in our core Nutritional Food segment sales in spite of the negative foreign exchange impact, along with an increase in our milk formula sales volume, when compared with the first quarter of fiscal 2016. In RMB terms, net sales of our milk formula products increased by 4% year-over-year, the first such quarter since the fourth quarter of fiscal 2015. Adding to the sales of this segment was the liquid milk product under our DutchCow brand which we launched in January 2016 and have seen its sales double each month since then. We continued to expand our ThumbMama membership community and develop our ThumbMall e-commerce platform. We also continue to expand our product offerings across a wider range of mom and baby categories."
Mr. Zhang continued, "Due to the prolonged adjustment period for one particular equipment supplier, we experienced further delays at our French project and now expect the French project to be fully operational in September 2016. The expectation for our 100% French-produced infant formula is to be available for retail sales in China in the third quarter of fiscal 2017. The product quality that will come from our French project and will boost the confidence of our customers and elevate sales. We also remain confident in our ability to capitalize on consolidation opportunities under new Chinese government regulations as a leading infant formula player in China."
For earnings history and earnings-related data on Synutra Int'l (SYUT) click here.
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