Their albums might be selling like hot cakes but the scents launched by singers Justin Bieber and Taylor Swift are not earning any profit.

Beauty company Elizabeth Arden, Inc. recently announced a loss of nearly $150 million for the fiscal year ending June 30 - and pointed the finger at the two pop stars, reports usmagazine.com.

The company blamed Bieber's and Swift's scents for lacklustre sales during the fiscal year, down 13.4 percent from 2013.

"The decline in sales of celebrity fragrances, particularly Justin Bieber and Taylor Swift fragrances, was steeper than anticipated," the company said.

Swift launched her first perfume, Wonderstruck, in 2011 and followed it up with Wonderstruck Enchanted in 2012. Bieber has introduced three scents, Girlfriend, Someday and The Key since 2011.

The company also produces scents for other celebrities including Britney Spears, Jennifer Aniston and Mariah Carey.