Good first quarter for Aqua Bio Technology
May 11 2016 - 2:01AM
Aqua Bio Technology ASA posted
all time high revenues in the first quarter 2016. Income in the
quarter was NOK 12.5 million, compared to NOK 9.1 million last
year.
ABT maintained its strong profitability in the
first quarter. EBITDA ended at NOK 6.1 million, corresponding to an
EBITDA margin of 49 per cent. In last year's first quarter EBITDA
was NOK 5.2 million, reflecting a 58 per cent margin. Operating
costs in the first quarter 2016 were adversely affected by a
lawsuit from one of ABT's customers in the United States in March
of this year. The Company made provisions in the quarter for
expected legal costs of NOK 2 million. The lawsuit remains
unresolved, while the parties are making certain efforts to find a
solution through dialogue. A continued process however, will impact
the legal costs of the Company until the process has come to an
end.
ABT's strategy is to utilize its resources and
expertise to commercialize third party biotechnology for
applications in cosmetics. This fast growing industry has an unmet
need for new and sustainable ingredients.
In the first quarter, ABT entered into partnership
with two manufacturers of substances with potential significant
value to the cosmetic industry. The Company has initiated efficacy
and safety testing processes, and expects to launch the new
products in the fourth quarter of this year.
For further information, please
call Arvid Lindberg, CEO, telephone +47 9824 5410
Aqua Bio
Technology (ABT) has launched several cosmetic ingredients used in
skin care products globally. Skin care is the fastest growing
segment in the cosmetics industry, where ABT's ingredients have
established a foothold. In addition to ingredients from its own
technology, ABT also commercializes novel technologies/ingredients
for partners, for use in skin care products. Aqua Bio Technology is
listed on the Axess market of the Oslo Stock Exchange.
This information is subject
to the disclosure requirements pursuant to section 5-12 of the
Norwegian Securities Trading Act.
ABT Q1 2016 report in Norwegian
ABT Q1 2016 press release
ABT Q1 2016 presentation
This
announcement is distributed by NASDAQ OMX Corporate Solutions on
behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: Aqua Bio Technology via Globenewswire
HUG#2011500
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