Synutra International, Inc reported fourth quarter and full year results for fiscal year 2011.
The Quingdao, China based company with U.S. corporate headquarters in Rockville said net sales increased to $79.2 Million for the fourth quarter ended March 31st, 2011.
Full year sales declined to $248.5 million from $291.8 million in fiscal 2010. The infant formula maker also incurred a net loss of $49.5 million in 2011 compared to a loss of $24.8 million in 2010.
Chairman and CEO Liang Zhang reiterated the company's continuing restructuring plans "Our results this quarter demonstrate that our recovery is ongoing and, we believe, sustainable. Sales of our branded powdered formula have doubled since the last quarter, led by growth of our Super series".
Synutra has a market capitalization of over $585 million and sells its products in over 71,000 retail outlets.