Sales slide for krill player amid plant expansion
The Canadian company recorded a net loss of $1.41m compared to $1.28m over the same period of comparison, as expansion costs were factored into the equation, but turned in a positive earnings before interest, tax, depreciation, amortization (EBITDA) of $36,000.
The company said results were affected by the temporary closure of its Quebec plant as equipment upgrades were put in place and other facilities tweaked. This work being completed, Neptune’s capacity for krill-sourced ingredients is up to 90,000kg per annum.
Corporate expansion meant EBITDA dropped to $284,000 after research and development work carried out at sub-divisions, Acasti Pharma and NeuroBioPharm, drew funding from the parent over the three-month period ended May 31.
Neptune said Acasti has completed work toward an IND and completed animal pharmacology and toxicology studies, pharmacokinetics, mechanism of action, GMP chemistry, manufacturing, control data and proposed clinical protocols information.
A clinical trial application in Canada was underway.
Krill are tiny shrimp gaining attention as a rich source of omega-3, as well as other nutrients.
There are about 85 species of the deepwater marine planktonic crustacean, or deepwater shrimp, which the planet's most abundant animal biomass and which when captured and converted to oil, pack 48 times the antioxidant punch of standard fish oils, according to ORAC antioxidant scales.
Neptune’s products are available in North America, Europe, Asia and Australia.
