SYDNEY, Feb. 28 (Xinhua) -- Australian goat milk baby formula company, Bubs, has posted a six-fold increase in revenue over the second half of 2018, profit reports revealed on Thursday.
Bubs announced half yearly revenue of 13.9 million U.S. dollars, up from 2.3 million dollars the year before.
Despite the jump, the company still suffered an overall profit margin loss of 6.2 million dollars after scaling up their business to meet demand in China.
Founder and Chief Executive Kristy Carr said that a manufacturing deal with Tatura Milk Industries announced Wednesday will help streamline processing and decrease costs by eliminating the drying and rehydrating stage.
"The company continues to explore opportunities to develop its supply chain and refine its manufacturing capability, specifically in relation to infant formula and key dairy ingredients," Carr said in a statement.
At 02:30 p.m. (AEST), Bubs shares were down 2.54 percent on Thursday after jumping 5.3 percent the day before when news of the Tatura deal became public.
