Blis Technologies forecasts a maiden profit in current financial year
By Rebecca Howard
July 28 (BusinessDesk) - Blis Technologies expects to post a maiden profit in the current financial year as the Dunedin-based company says it is positioned for sustainable, profitable growth in a rapidly expanding market.
"During this financial year, the company will continue to invest in growth initiatives, delivering increased turnover and a profit," chief executive Brian Watson said in notes prepared for delivery at the annual general meeting in Dunedin today.
The company, which was set up to commercialise probiotic bacteria for use in consumer products for oral health, colds and flu, reported a net loss of $24,000 in the 12 months ended March 31, narrowing from a loss of $816,000 a year earlier. It had forecast a profit for the 2017 financial year but warned the market in February that pre-tax profit wasn't going to meet the $700,000 forecast due to significant reductions in purchases by three major customers.
Earlier this week Blis said two brands that contain BLIS K12TM, previously owned by Sequoia Pharma in Poland, have been acquired by Maspex Group from Sequoia. This ownership transfer was subject to regulatory review in Poland which resulted in delayed sales orders from Blis while this was still pending.
"We believe that the resources and expertise of a company like Maspex will be positive for our ongoing success in Poland," said Watson.
Its stock last traded at 3.3 cents and has shed 35 percent over the past year.