Bakery business drags Corbion 1Q results down

28 Apr 2017

Corbion has reported sales of €229.9 million in the first quarter of 2017, an increase of 0.7%. Organic sales growth was -2.3%, mostly due to a volume decrease in Food, partly offset by an increase in Biochemicals.

Bakery business drags Corbion 1Q results down

Corbion has reported sales of €229.9 million in the first quarter of 2017, an increase of 0.7%. Organic sales growth was -2.3%, mostly due to a volume decrease in Food, partly offset by an increase in Biochemicals. EBITDA excluding one-off items increased by 9.4% to €47.8 million.

"The start of the year has been encouraging in all segments, except for Bakery, which fell short of our expectations,” said Tjerk de Ruiter, CEO. “Profitability exceeded expectations as mix improvements continued to push underlying margins higher. The PLA joint venture with Total became operational in early March.”