ABT breakthrough in first quarter
ABT breakthrough in first quarterCategory: Press Releases
Aqua Bio Technology ASA (Oslo Axess: ABT) today announced its first quarter 2012 financial results. Two contracts with US based customers provided a market breakthrough and boosted the Norwegian marine biotech company’s sales in the quarter, making it the first profitable quarter in the Company’s history.
ABT posted income of NOK 11.9 million in the first quarter. In the same period of 2011, the Company had close to no income. The first quarter 2012 income was mainly caused by up-front payment from one of the two US based cosmetics companies which ABT signed sales contracts with in March.
“The contracts with Amway and another undisclosed US based cosmetics group have paved the way for ABT. The international cosmetics industry now regards our main product, marine based Aquabeautine XL®, as an attractive alternative to petroleum based ingredients in skincare products,” said CEO Arvid Lindberg.
Aqua Bio Technology’s EBITDA ended at NOK 9.6 million for the first quarter, compared to an EBITDA of NOK -1.9 million in last year’s first quarter. The Company’s net result came in at NOK 8.4 million for the quarter, against NOK -3.2 million last year.
ABT is now gearing up its global sales efforts, after having completed a network of distributors in Asia. Europe and the Americas last year.
The Company’s pipeline of new products is progressing according to schedule. Aqua Bio Technology expects to launch one new product in the third quarter this year, and two additional new product towards the end of 2012 or early 2013.
ABT’s main product Aquabeautine XL™ is increasingly recognized as an efficacy and value enhancing ingredient in skin care products.