Hofseth Biocare ASA: HBC Second Quarter 2017 Financial report
August 25 2017 - 2:25AM
Hofseth BioCare ASA (HBC)
had operating revenues of NOK 64.2m (13.5m) in the first half of
2017 and EBITDA of NOK 23.4m (negative 64.4m). Equity ratio was
43.5% (negative 14.9%).
In the second quarter, HBC
had operating revenues of NOK 5.5m (8.2m) and total operating
expenses amounted to NOK 23.9m (55.6m). Operational profit (EBITDA)
for the second quarter 2017 was negative NOK 13.3m (negative NOK
43.2m).
During the second quarter of
2017, HBC published a new study together with the Norwegian School
of Sport Sciences, called "A Randomized, Double-Blinded Cross-Over
Study Comparing Increase in Blood Leucine Levels after Ingestion of
Hydrolyzed Salmon and Whey Proteins in Healthy Young Men". The
study shows a 15 min faster time to peak blood concentration of
leucine after ingestion of ProGo(TM) compared to whey
protein.
Production of the new
PetGo(TM) started in the second quarter and first commercial
volumes ready for shipment in the third quarter.
HBC also signed an agreement for utilizing the spray-drying
capacity at the Berkåk plant. It is expected that during the third
quarter, the capacity utilization will be 90 per cent.
On August 14th, Mr. Roger
Hofseth elected new CEO and continues as Chairman of the
Board.
Higher activity throughout
summer, shows that pet food and feed contracts will increase
revenues and cash flow in the second half of 2017.
For further information,
please contact:
Roger Hofseth, Chairman and
CEO of Hofseth BioCare ASA
Mob: +47 95147941
E-mail:
rh@hofseth-as.no
Jon Olav Ødegård, CFO of
Hofseth BioCare ASA
Mob: +47 93632966
E-mail:
joo@hofsethbiocare.no
About Hofseth BioCare
ASA:
HBC is a Norwegian biotech
company that offers high-value ingredients and finished products
for humans and pets. The company is founded on the core values of
sustainability, traceability and optimal utilization of natural
resources. Through an innovative hydrolysis technology, HBC is able
to preserve the quality of salmon oil, proteins and calcium,
prepared of fresh salmon off-cuts. HBC's objective is to contribute
to the efficient use of marine resources and deliver quality
products for ingredients and finished consumer products in the
nutrition market.
Hofseth BioCare's
headquarters are located in Ålesund, Norway with branches in Oslo,
Chicago, Mumbai and Tokyo. HBC is listed on Oslo Stock Exchange
Axess list with ticker "HBC". More information about Hofseth
BioCare at www.hofsethbiocare.com and
www.facebook.com/hofsethbiocare
This information is subject
to the disclosure requirements pursuant to section 5-12 of the
Norwegian Securities Trading Act.
HBC - Q2 2017 Financial
Report
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: Hofseth Biocare ASA via Globenewswire