China Food Co saw its net loss widen in 2012 as the company was hit with costs and loss of margin due to reduced revenues.
In the 12 months to the end of December, the company booked a net loss of GBP5.4m. This compared to a net loss of GBP706,000 last year. The company said it recorded an increased depreciation of GBP1.3m for the opening of a new facility during the year.
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Operating losses also widened, reaching GBP3.4m from GBP615m in the prior year.
Group revenue increased by 19.0% to £20.1 million (2011: £16.9 million*), with a 34% increase in soya sauce in H2 2012
Against a backdrop of ongoing economic growth in China, the group said it increased sales by 19% to GBP20.1m. The company said it successfully expanded its soya sauce business into more shops, distributors and provinces last year.
Click here to view the full earnings release.
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