Blis Technologies reports larger interim loss
Dunedin-based biotechnology company Blis Technologies Ltd said a 34 percent increase in revenue in the six months to September was less than it had expected.The maker of oral probiotics reported a deficit before tax and finance costs of $142,000 for the s
Dunedin-based biotechnology company Blis Technologies Ltd said a 34 percent increase in revenue in the six months to September was less than it had expected.
The maker of oral probiotics reported a deficit before tax and finance costs of $142,000 for the six months to September 30, compared to $11,000 loss last year.
Trading revenue rose to $886,000 from $663,000 but the company said it had expected revenues would be higher than this. Total revenue, which includes interest received and other income, increased 8 percent to $1.17 million.
The high New Zealand dollar decreased revenue by more than $50,000 against the original budgeted exchange rate.
Net cash outflow from operating activities was $291,000, which was up from $210,000 in the same period last year. This was mainly due to $161,000 payment of dividend on convertible preference shares.
The company said that despite the increase in deficit, trading revenue increased significantly in the United States.
The company has incurred increased costs associated with a major human clinical safety study in the United States. It had to undertake this study is due largely to the tightening regulatory requirements.
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