First positive cash flow for Aker BioMarine
Aker BioMarine on Tuesday announced that it experienced its first-ever positive operational cash flow during the third quarter of 2010.
The Norwegian company’s cash flow from operations amounted to NOK 7 million (USD 1.2 million, EUR 854,000 million), a NOK 16 million increase over the third quarter of 2009. Operating profit increased to NOK 19 million (USD 3.3 million, EUR 2.3 million), up from a loss of NOK 39 million last year.
Third-quarter operating revenues also jumped, totaling NOK 96 million (EUR 11.8 million, USD 16.5 million), up from NOK 41 million during the same period last year. The company attributed the increase to Superba™ Krill sales growth.
In early September, Aker announced the sale of 50 percent of its shares in Trygg Pharma Holding, which along with Natural Nutrition Development and Trygg Pharma, constituted the company’s pharmaceuticals and omega-3 concentrates business. An agreement with U.S.-based investor Lindsay Goldberg promoted Trygg Pharma’s potential value, and, as a result, Aker’s remaining shares in the company are classified as assets held for sale.All Supply & Trade stories >