Omega Protein, the US omega-3 fish oil producer, has posted a rise in first-quarter income, driven by increases in selling prices and volumes.
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Revenues for the quarter ended 31 March totalled US$36.1m, compared with $31.1m for the comparable quarter of last year. The group posted operating income of $4m, up from $1.2m last year.
“Omega Protein’s 2008 first-quarter results reflect increased revenues and margins primarily due to higher sales prices received during the current quarter, combined with approximately 4% higher unit volume sales,” the company said in a statement.
Net income for the first quarter rose to $1.9m compared with a net loss of $2.3m seen in the first quarter of last year, when the company booked a $3m refinancing and debt insurance charge.
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