Food ingredients and chemicals company Corbion reported sales in the first quarter of 2018 decreased by -7.4% to €213.0 million due to currency effects but with higher organic sales.
Organic sales growth was 2.5%, due to a strong increase in Biochemicals and Innovation Platforms that had 64% growth from the recently acquired algae ingredients business.
Operating profit, EBITDA, excluding one-off items decreased by 19.2% to €38.6 million also due to currency effects and higher input costs.
Tjerk de Ruiter, CEO, said "The start of the year saw a continued positive momentum with organic sales growth recovery in Ingredient Solutions, that has returned to the 2-4% target range. As anticipated, a weaker US dollar and negative raw material price effects have put pressure on our Ingredient Solutions EBITDA, nevertheless we were able to maintain a healthy margin in this business segment. We are experiencing improving market dynamics in bioplastic PLA, which is encouraging for the future development of our PLA joint venture plant, which is scheduled to open later this year."