Naturally Splendid Enterprises Ltd (FRA:50N) (CVE:NSP) (OTCPINK:NSPDF) has reported its first-quarter results, revealing a narrowing loss compared to the same period of 2020.
The company’s net loss was C$743,636 during the three months ended March 31, down year-over-year from more than C$1.3 million.
The decrease is primarily due to a dip in selling and distribution expenses which fell $464,255 due to lower production levels, offset by wage subsidies.
READ: Naturally Splendid sees increased popularity for its plant-based products in 2021
"The company continues to focus on overall plant-based nutrition, health and wellness,” CEO J Craig Goodwin said in a statement. “The first quarter of 2021 was concentrated on establishing the foundation to our NATERA Plant Based Foods opportunity. With sales of our premium bars sustaining significant setbacks in 2020 due directly to the pandemic, the company took this opportunity to transition our primary focus to our NATERATM Plant Based Foods”
Naturally Splendid said it is continuing its sales mix with exports of bulk seed and its new plant-based products, with bulk hemp seeds sold at a lower gross margin percentage compared to plant-based products and private label sales.
Looking ahead, the company is focused on its higher-margin products and new commercial opportunities. The best market opportunities have been both domestic and new international destinations, along with Prosnack Natural Foods Inc private label products.
In particular, NATERA Plant Based Foods distributors include CANEX Foods, Sysco, Gordon Food Service, Intercity Packers Meat and Seafood, Georgia Main Food Group, and others. This network of distributors provides access to thousands of clients across almost every distribution channel including chain and independent retail stores, as well as chain restaurants and individual locations, the company said.
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