Canadian krill oil firm Neptune Technologies & Bioressources has posted a 20% rise in third-quarter revenues to $5.12m in its nutraceuticals business and a $869,000 net profit compared with a $13,000 loss for the same period the previous year.
However, consolidated earnings – which include figures from its Acasti Pharma subsidiary – decreased to a net loss of $1.433m compared with a loss of $498,000 due to “subsidiaries’ significant R&D expenses”, said the firm. Consolidated revenue was up 19% to $5.124m over the period (three months to November 30, 2011).
Chief financial officer André Godin said: "We delivered strong third quarter revenue driven by outstanding performance from the nutraceutical business of Neptune. Neptune delivered a remarkable quarter thanks to our leadership positions in North America and Europe, where we have grown both sales and market share this year.”
Director of finance Frederic Harland added: "During the third quarter our long-term strategic investments in the company's intellectual property protection and valorization helped drive strong revenue performance.”
Neptune, which recently started trading on the Toronto Stock Exchange, has secured two US patents covering its krill oil extracts in recent weeks.
The first, no. 8,030,348, protects Neptune Krill Oil (NKO) and also covers oils and powders extracted from krill containing marine phospholipids bonded to EPA and/or DHA and distributed and/or sold in the US, and is valid until 2025.
The second, no. 8,057,825, awards Neptune exclusive use of krill extracts in the US as a method for reducing cholesterol, platelet adhesion and plaque formation.
It has also begun the first phase of an expansion project at its facility in Sherbrooke, Québec that will see production double to 300,000kg of Neptune Krill Oil (NKO) per year.
Ultimately, bosses are aiming to ratchet up capacity to almost 500,000kg, said the firm, which aims to complete phase one of the project (a 40,000 sq ft expansion adding an extra 150,000kg/year) by next fall, without a plant shutdown.