Fytokem has shown improved sales and operating revenue in its second quarter as its new skin care and cosmetic products move into the commercial stage.
But Fytokem, which makes the products from native prairie plants, continues to lose money, partly due to new staff hirings to support growth.
“We are looking forward to significant sales momentum developing over the next few quarters as our four recently introduced products gain commercial acceptance and as new products containing Fytokem ingredients are introduced,” said John Schaw, company president and chief executive officer, in a news release.
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Big sales jump
In the first six months of 1999, the Saskatoon-based company had sales of almost $60,000 compared to less than $5,000 in the same period last year.
Sales, coupled with other revenue, brought total revenue to about $124,000 compared to about $66,000 last year.
Expenses were $520,000 for the six months compared to $414,000 last year.
The net loss was $396,300 compared to a loss of $347,400 last year.
The company said more than 20 multinational companies are at the prototype or test market stage with product lines that contain Fytokem ingredients.
To capitalize on developing opportunities, the company expects to seek more financing later this year or early next.
