EBIT down, income up for feed giant.
In a press release, BioMar writes that Q3 EBIT declined compared to last year, from last year’s EUR 35.5 million to EUR 32.3 million. Revenue grew to EUR 474 million from the previous period’s EUR 420 million. Sales volume increased from 379,000 tonnes to 408,000 tonnes.
BioMar Group CEO Carlos Diaz acknowledged the challenges ahead. “We have been able to steer the business through this period of global uncertainty with solid results. Markets are changing around us; the sales channels for fish and shrimp are being disrupted by the affected HORECA sector and our customers are facing difficult times requiring new solutions,” he said.
“It is difficult right now for everyone to predict what the world will look like just a few months ahead. Are we facing new massive lockdowns across the globe, or will there soon be light at the end of the tunnel?” added Diaz.
“We are heading for a full year, where we are comfortable about the guidance, we have given to the stock market. Despite the impact of the coronavirus on the HORECA sector, we see demand for fish and shrimp increasing impressively through other channels, so we are confident in the fundamentals of the aquaculture industry,” he concluded.