Moa chief executive Geoff Ross said the company's focus was on Australasia.

Craft beer maker Moa has posted another loss despite beer sales increasing 40 per cent.

The listed brewer was $5.6 million in the red for the year to March 31, a 4 per cent improvement on last year's loss.

Moa chief executive Geoff Ross said the losses would be "substantially less" in the current financial year as the company became more efficient alowing it to sell more beer at a lower cost per case.

"An improved gross margin is now starting to be realised," Ross said.

Moa listed in 2012 but its share price tanked after it missed its 2014 sales forecast by nearly a third.

Since listing Moa shares have fallen from $1.25 about 32c.

Moa sold 1.7 million litres or 5 million bottles of beer in the past year, up 40 per cent on the previous year.

Revenue increased 31 per cent to $6.1m.

The company spent the the year focusing on growth and investing in New Zealand and Australian markets, Ross said.

The craft beer sector in New Zealand was growing at an estimated 25 per cent a year while in Australia the international craft beer sector, which Moa was part of, was growing at an estimated 18 per cent.

Moa raised about $5m of capital through a rights issue, giving the company $6.8m in cash and no bank debt.

At March 31 the company had $3.8m in cash which combined with growing sales, lower costs and more working capital was expected to provide adequate funding as Moa continued to grow, Ross said.

However Moa was prepared to consider other sources of funding should it be required, Ross said.

"The board is conscious of the cash requirements of the business."

Moa brews its reserve range in its Marlborough brewery at Jacksons Road, near Blenheim while it's high volume brews - Moa lager, session pale ale and cider - were contract brewed at McCashin's brewery in Nelson.

This would be a long term agreement, Ross said.

In early 2015 Moa was given the green light for a $6.1m expansion of its Jacksons Road brewery following long running opposition from neighbours including Marlborough winemaker Cloudy Bay.

Ross said the expansion would increase capacity 10 fold.