Omega Protein on Thursday announced its first-quarter results, including a net income of USD 1 million (EUR 785,000), down from USD 2.1 million (EUR 1.6 million) in the first quarter of 2009.
The fish oil producer's operating income also fell to USD 2.3 million (EUR 1.8 million), versus USD 4.3 million (EUR 3.4 million) in 2009.
However, the Houston-based company's first-quarter revenues increased to USD 32.3 million (EUR 25.4 million), up from USD 30.2 million (EUR 23.7 million) in the first quarter of last year.
The results primarily reflect an 18 percent increase in fishmeal prices, offset by a 41 percent decrease in fish oil prices. The increased fishmeal prices coincide with a limited supply, which is expected to continue into the second half of the year, according to Omega Protein.
As a result, fishmeal prices for the remainder of 2010 are expected to trend upward.
