Norway-based ingredients company, Hofseth BioCare, has reported an operational EBITDA loss of EUR 681,000 for the fourth-quarter of 2017, as the company trimmed by half it’s EBITDA loss for the same period in 2016.
The final quarter of 2017 saw operating revenues reach EUR 2.7 million, or about EUR 2.4 million more business than in the fourth quarter of 2016. An operational loss of EUR 1.2 million, however, was a massive improvement over the EUR 14.9 million loss posted in 2016.
Operating revenues for the year reached EUR 12.5 million, a fivefold improvement over 2016.
However, the company saw its cash-flow reverse directions in 2017, as it paid to increase future business. It took out a loan facility of EUR 3.6 million for “working capital” and to boost sales.
Of note for 2018, the company increased its overall production of feed ingredients by 69 percent after making improvements to a plant at Berkaak, Norway.
“New production methods developed to increase protein yields have been
developed and implemented,” the company said, adding that it’s HBC Midsund plant processed 9,230 tons of salmon raw material in 2017.
“In the fourth quarter 2017, 1,124 t of finished goods in total were manufactured at all HBC plants, compared to 665 t in the third quarter.”