The firm, which is expanding its facility in Sherbrooke, Québec, to meet growing demand, said nutraceutical sales rose 43% to $6.14m in the three months to May 31, while net profits in the division were $48,000, compared with a net loss of $70,000 for the same period last year.
Consolidated revenues - which include figures from the Acasti Pharma and NeuroBiopharm businesses – were up 44% to $6.153m while net losses were $1.695m compared with a $1.258m net loss for Q1 2012.
Chief financial officer André Godin said: “Neptune had a strong and record-breaking fiscal year 2012 and the momentum has kept on in the first quarter.”
Strong demand from Asia
Neptune, which is planning to build a new production facility in China with joint venture partner Shanghai KaiChuang Deep Sea Fisheries Co (SKFC), recently revealed it had secured “new and firm orders amounting to US$25M for calendar year 2013” for its krill oil driven by strong demand from Asia.
The 300 metric ton facility should be fully operational by the end of 2014 or early 2015, said Godin.
Under the deal, SKFC will supply the raw materials while Neptune will provide a license to the joint venture giving it the rights to use Neptune’s production technology in return for an upfront payment plus ongoing royalty payments.