Omega Protein Processing Plant in Reedville, Virginia. (Photo: StockFile)
Omega Protein’s revenues drop but trusts it can rebound in second semester
(UNITED STATES, 8/21/2017)
Nutritional product company Omega Protein Corporation experienced a 15 per cent drop in revenues in the first six months of 2017, to USD 167.5 million compared to the same period in 2016.
The firm’s board attributed the decrease in revenues to a USD 34.7 million decrease in animal nutrition revenues, which was partially offset by a USD 4.7 million increase in human nutrition business revenues.
"Results for our human nutrition segment continued to improve in the second quarter, although softer pricing and a slower than average start to the fishing season impacted animal nutrition segment results," commented Bret Scholtes, the firm's President and Chief Executive Officer.
"As of June 30 we were less than halfway through our fishing season, and given recent improvements in weather we are looking forward to the balance of the season. In addition, while global quotas have pressured fish meal and fish oil prices, we believe these near-term volatilities are transitory in nature, and the macro-economic and industry trends that continue to drive positive demand for our products give us confidence in our long-term opportunities," the executive added.
In the second quarter this year, the Company's revenues decreased 17 per cent from USD 112.7 million in the same period last year to USD 93.9 million due to a decline in animal nutrition revenues.
The firm’s board explained that the decrease in animal nutrition revenues was primarily due to decreased sales volumes of 18 per cent and 30 per cent for the company's fish oil and fishmeal, respectively.
Scholtes clarified that the firm’s management team and board of directors remain focused on strategically aligning their human nutrition segment to best generate financial results and create value for shareholders.
editorial@seafood.media
www.seafood.media
Information of the company:
Address:
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Coral 2756-7 Residential Victoria
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City:
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Zapopan
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State/ZIP:
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Jalisco (45050)
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Country:
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Mexico
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Phone:
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+52 333 133 5229
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Fax:
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+52 333 133 5230
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E-Mail:
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lesantana@prodigy.net.me
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More about:
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Approval / Accreditation / Certified / Oversight by...
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