Aqua Bio Technology ASA (Oslo Axess: ABT) today announced its second quarter and first half 2012 financial results. While the Company posted a significant sales increase in the first quarter, revenues in the second quarter fell behind. The Company shows a good profit after the first half of the year. Three new products will be launched next month, ahead of schedule.
"Aqua Bio Technology is still in a build-up phase and our revenue stream will remain volatile for some time, reflecting that new contracts may have significant impact at the time they materialize," said ABT's CEO Arvid Lindberg.
Aqua Bio Technology posted income of NOK 0.1 million in the second quarter 2012. ABT's income the previous quarter was NOK 11.9 million, mainly attributable to two major contracts. Sales in the second quarter of 2011 was NOK 0.4 million. For the first half of 2012, ABT's sales ended at NOK 12.1 million, compared to NOK 0.4 million in last year's first six months.
The Company's EBITDA for the second quarter came in at NOK -2.8 million, compared to NOK -2.2 million in the corresponding quarter last year. For the first half of 2012, ABT posted an EBITDA of NOK 6.8 million, against NOK -4.1 million the first half of 2011. Net result for the first half 2012 was NOK 4.1 million, compared to NOK -6.7 last year.
ABT's dialogue with the international cosmetics industry intensified further in the second quarter, demonstrating the industry's growing interest in the Company's sustainable, marine based ingredients for skincare products.
Aqua Bio Technology accelerated its product development in the second quarter. Release of three new cosmetics ingredients is now scheduled for September, well ahead of the previous plan. The new ingredients from ABT will enable the Company's customers to develop skincare products with even more specific properties than today.
Based on the current order backlog, ABT forecasts a significant sales growth in the second half of 2012 and the coming years. Additional contracts are expected as ABT's new products become available to the cosmetics industry.
For further information, please call Arvid Lindberg, CEO, telephone +47 9824 5410
Aqua Bio Technology ASA (ABT) develops, produces and markets patented ingredients and technologies to the international cosmetic and skin care industry. ABT's lead ingredient Aquabeautine XL® is a patented marine solution derived from the hatching fluid of salmon. The ingredient adds moisture and improves the renewal of skin cells in an effective and gentle manner, providing anti-aging effects. ABT is listed on the Oslo Stock Exchange's Axess market.
