Aqua Bio Technology: 2016 fourth quarter revenues increased from corresponding quarter 2015.
February 15 2017 - 2:00AM
Aqua Bio Technology ASA's stable
revenue development continued in the fourth quarter 2016 and
increased by 20 per cent compared to the corresponding quarter the
previous year. The financial result was affected by non-recurring
costs and expansion of the business.
Revenues for the entire year grew by 27 per cent
from 2015.
Aqua Bio Technology had revenues of NOK 12.4
million in the fourth quarter, up from NOK 10.3 million in the
corresponding quarter the previous year. Costs related to a legal
dispute with a U.S. customer had an adverse effect on the financial
results in the quarter, as in the previous quarters. Operating
costs were higher also due to an ongoing expansion of the
business.
EBITDA for the fourth quarter 2016 ended at NOK
6.2 million, against NOK 6.3 million in the fourth quarter 2015.
Earnings before taxes for the quarter were NOK 5.6 million,
compared to 4.7 million the previous year.
For the full year of 2016, ABT posted income of
NOK 49.4 million, compared to NOK 38.9 million the previous year.
EBITDA for 2016 was NOK 19.8 million against NOK 21.3 million in
2015. Costs related to the legal dispute amounted to approximately
NOK 12 million in 2016.
Earnings before taxes for 2016 came in at NOK 2.2
million, including a NOK 12.7 million write-down of inventory in
the third quarter. Earnings before taxes in 2015 was NOK 15.0
million. ABT's net result for 2016 was NOK 1.5 million, compared to
NOK 17.4 million in 2015.
The dispute with the U.S. based customer, causing
significant non-recurring costs in 2016, has been scheduled for
arbitration in London in September 2017.
As previously announced, ABT is in the process of
expanding its business model. While new ingredients for the
cosmetics industry remains a core business and is expected to start
generating revenues in the second half of 2017, the Company
forecasts revenues from its consumer products business to start in
the second quarter and grow throughout 2017. The partnership with
ABT's main customer Restorsea is entering a new phase from Q1 2017,
with less income going forward than previously. The Company expects
reduced income in 2017, until new ingredients and consumer products
has reached their potential.
For further information, please
call Arvid Lindberg, CEO, telephone +47 9824 5410
Aqua Bio
Technology (ABT) is developing and commercializing sustainable
biotechnology for use in skin care products. ABT's cosmetics
ingredients are highly effective and they provide the cosmetics
industry with natural alternatives to traditional ingredients. ABT
is also marketing and distributing natural skin care products
developed by partners towards consumers and professional users.
Aqua Bio Technology is listed on the Axess market of the Oslo
Stock Exchange.
ABT Q4 2016 press release
ABT Q4 2016 presentation
ABT Q4 2016 report in Norwegian
This
announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq 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
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