New Image Group says revenue in the year to June will be just below last year's and profitability is expected to fall due to a change in its business mix.
The company says it has been developing a second revenue stream through sales of infant formula, where margins are less than in the direct sales channel.
It says sales in Malaysia are stabilising, but are down on last year, and its secondary market of Taiwan is showing continued growth.
The company will release its full year results at the end of August.
New Image Group manufactured infant formula under contract to Kiaora New Zealand International, which was sold under the a Heitiki brand and featured a Maori woman for a logo and a picture of a marae in a field.
The formula met all export regulators, but was rebranded earlier this year so as not to cause cultural offence.
