AMSTERDAM — A restructured Corbion NV achieved gains in adjusted EBITDA and operating profit in the first half of the fiscal year.

Adjusted EBITDA of €86.1 million ($94 million) was up 22% from €69 million, which included the negative impact of the costs previously allocated to the non-core emulsifier business. Amsterdam-based Corbion completed the divestiture of the emulsifier business on April 2. Operating profit increased 11% to €33.6 million from €30.2 million. Sales of €637.1 million ($696 million) were down 0.7% from €641.7 million Volume/mix was up 3.6%, but price was down 4.3%.

The net proceeds from the emulsifier business were €323.8 million, which excludes the related tax effect that is anticipated to be paid in the second half of the year.

“I am pleased to see continuation of our positive volume/mix growth and adjusted EBITDA growth as well as a continuation of our positive free cash flow delivery,” said Olivier Rigaud, chief executive officer, when financial results were given Aug. 8. “We made good progress in the implementation of our restructuring program, delivering increased margins. Building on Corbion’s first-half performance, where we saw strong adjusted EBITDA growth, we are well on-track to deliver in line with our full-year guidance.”

In Corbion’s Functional Ingredients & Solutions business, adjusted EBITDA of €44.6 million was down from €47.9 million in the previous year’s first half. Sales declined to €497.2 million from €510.5 million. Pricing had a negative impact of 5.4%. Strong volume/mix in the food segment partially offset the performance of biochemicals, which experienced softness in some markets. In food, growth continued in key markets like bakery, meat and dairy as well as in dough conditioners, mold inhibitors, dairy stabilizers and antioxidants.

In the Health & Nutrition business, adjusted EBITDA increased to €41.5 million from €21.1 million. Sales rose to €139.9 million from €122.2 million. In nutrition, omega-3 fatty acid ingredients had a strong performance within aquaculture and pet nutrition, according to Corbion.