The New Zealand infant formula subsidiary of French food giant Danone has reported a plunge in profit.
A report posted to the Companies' Office showed Nutricia's net profit plummeted to $1.99 million in 2013, down from $61 million the previous year.
It also showed Nutricia's net assets dropped to $9.6 million at the end of December, from $79.9 million a year earlier as debt soared to nearly $63 million from just under $17 million.
The report did not include any commentary on the results but Nutricia was one of the companies caught up in Fonterra's botulism scare last year - which turned out to be a false alarm.