The company said nutraceutical sales rose 31% to $5.36m in the three months to 29 February 2012, while net profits in the division were $1.38m, compared with a net loss of $985,000 for the same period last year.

For the full-year, the company’s sales grew by 15% to $19.12m from the $16.5m, with a recorded net loss of $4.59m, compared with a net loss of $1.69m in the same comparable year in 2011.

Neptune president and chief executive Henri Harland said that the management changes that the company announced are in part to put greater emphasis on stimulating sales growth, assessing its business portfolio opportunities and expanding operating profit margins.

Currently, the firm is expanding its facility in Sherbrooke, Québec, to meet the growing demand.

Neptune said the operation of a new factory that will manufacture krill oil products in Asia, is expected to begin by late 2012 or early 2013.

The company develops and commercializes bioactive ingredients and products with clinically proven health benefits, extracting a range of ingredients like omega-3 oils from marine biomass including krill, a deep-water species of crustacean.