Infant formula company Bellamy's Organics was punished by investors on Friday as it swung to a net loss of $809,000 after a turbulent 12 months.

The company's shares jumped 36¢ in the first minutes of trade to $8.72 but as investors absorbed the result - down from a $38.33 million net profit the previous year - the stock started sinking fast and ended the day 7.3 per cent, or 61¢, lower at $7.75.

Bellamy's recorded a normalised net profit of $28.12 million for the year, down 26.5 per cent, but the bottomline was eroded by costs such as a previously flagged $27.5 million one-off payment to supplier Fonterra.

Revenue rose 2.6 per cent to $240.18 million and normalised earnings before interest, tax, depreciation and amortisation (EBITDA) fell 21.6 per cent to $42.79 million.

"The last year has been challenging on many fronts for the Bellamy's business," chief executive Andrew Cohen said.

​"However, together with the new board and management team, we've set a clear direction and turnaround plan which is on track. This plan has resulted in a number of significant one-off restructuring costs in the FY17 year, and impacted results.

"We believe this investment was critical to re-setting the business and rebuilding a foundation for future growth."

Chinese regulators in July suspended the export licence of Bellamy's recently acquired canning facility, pushing the company into a two-week trading halt.

The licence suspension, which was recently lifted, was just one chapter in a turbulent year for Bellamy's. Its shares slumped as low as $3.65 in January after a difficult period during which it revised down its China sales, its infant formula lost Australian market share and it announced CEO Laura McBain would leave.

Mr Cohen said sales had now stabilised, the company was debt free, the operating cost base had been reset and Bellamy's was well positioned to reinvest.

But while Bellamy's 18-month turnaround plan was progressing well, it still faced challenges.

"The company is mindful of the need for a better understanding of China's regulatory environment. We are focused on spending more time in China, building knowledge, capability and deeper relationships with our key distributor, customers and regulatory bodies," he said.

Citi analyst Sam Teeger said Bellamy's new management team had made strong progress and the outlook for fiscal 2018 was "encouraging". 

"However, in our view, there was a reasonable amount of expectations baked into the share price ahead of the result," he said.

Bellamy's remuneration report, released along with its results, revealed Ms McBain, who recently joined Primary Opinion, received total remuneration of $1.28 million in fiscal 2017, including a "termination payment of $457,750".