August 24, 2017 / 11:25 PM / 3 months ago

Bellamy's Australia swings to annual loss amid turnaround

Aug 25 (Reuters) - Bellamy’s Australia Ltd on Friday reported an annual loss, against analysts’ expectations of a net profit, as it booked writedowns and restructuring costs as part of an 18-month turnaround plan.

The infant-formula maker posted a net loss of A$809,000($640,000) for the year ended June 2017, compared with a profit of A$38.3 million last year.

The average forecast of three analysts polled by Thomson Reuters I/B/E/S was for profit of A$5.22 million.

$1 = 1.2665 Australian dollars Reporting By Anusha Ravindranath in Bengaluru; Editing by Tom Westbrook and Stephen Coates

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