Mera Pharmaceuticals Inc., a Kailua-Kona marine biotechnology company, swung to a profit in its latest quarter as it increased its revenue and benefited from a refundable tax credit.

The company reported net income of $7,521 in the quarter ended July 31. That compared to a loss of $83,923 in the May-July quarter a year earlier.

Mera, in a filing at the U.S. Securities and Exchange Commission, reported revenue rose almost 32 percent to $173,098, helped by an increase in sales of its Astaxanthin supplement that it says has antioxidant and anti-inflammatory properties.

Revenue also increase as it sold a sea-salt product and an agreement with HR BioPetroleum, a firm researching production of fuel from algae. Mera said the contract represented about 56 percent of its revenue.

The company's shares closed trading yesterday at 0.7 cents.