Omega Protein processing plant in Reedville, Virginia. (Photo: StockFile)
(UNITED STATES, 11/10/2017)
Nutritional product company Omega Protein Corporation reported a 17 per cent drop in revenues in the third quarter, to USD 90.3 million. This result reflects a decline in animal nutrition revenues, which was partially offset by higher income in the human nutrition sector.
The firm informed a decrease in sales volumes of 21 per cent and 20 per cent for the Company's fish oil and fishmeal, respectively, accompanied by decreased sales prices of 5 per cent and 8 per cent, respectively.
Omega Protein explains these lower sales volumes were due to lower production caused by lower fish catch and total yield and the decreased level of beginning inventory. They were also influenced by the global market condition when signing the contracts.
The firm’s adjusted EBITDA totalled USD 9.7 million for the third quarter, compared to USD 29.4 million for the same period last ...