Mera narrows loss
despite less revenue

Mera Pharmaceuticals Inc., a producer of nutritional products from microalgae, narrowed its fiscal third-quarter loss to $229,823 from $972,194 a year earlier even though revenue slipped 3.5 percent, according to a filing yesterday with the Securities and Exchange Commission.

The Big Island company's operating expenses decreased 79 percent to $279,185 from $1.1 million a year ago because of a $640,000 provision it took in fiscal third-quarter 2004 for excess inventory.

Mera, whose main product is AstaFactor, said yesterday that revenue from product sales increased 27.5 percent to $103,000 from $81,000 but that overall sales fell to $116,592 from $120,812 primarily due to a research contract with the U.S. Department of Energy that ended during the fiscal second quarter.