Denmark-based feed producer, BioMar, has posted first-quarter EBIT for 2018 of EUR 4.7 million, a 32-percent drop over the same period a year ago, after a long, cold winter hurt its salmon operations.
The results came on revenues that fell by 5.6 percent to EUR 252.91 million. The company also reported its volume of sold feed was up by 18,000 tonnes.
While investments in other species’ feed was paying off, a statement said BioMar experienced and is still feeling the effects of “lower volumes and a continuous competitive situation”, especially in Norway, although its market share seems stable and “on par with main competitors”.
“We see the achieved market share in 2017 at the salmon markets and especially in Norway as a situation which the market will need to get used to,” BioMar Group CEO, Carlos Diaz, stated.
“It has been a tough competitive scenario with pressure on margins, but we expect it to improve during the year. In Q1 we concluded negotiations with key customers in UK and we are confident that 2018 will turn out to be another good year, where BioMar will push innovations to the market setting the agenda in the industry.”