New Zealand King Salmon reports $10.6m profit, appoints new CEO

New Zealand King Salmon Investments Limited has released its financial results for the first half of the fiscal year ending July 2023.

The company reported a net profit of $10.6 million, compared to a net loss of $24.5 million in the same period last year.

Pro-forma EBITDA for the period was $10.7 million, compared to a loss of $12.7 million in the previous year.

Sales volumes increased by 5% and revenues increased by 14%.

The mortality cost decreased from $22.3 million to $7.8 million.

The company has revised its earnings guidance range for pro-forma EBITDA to $23.5 million - $27.5 million.

The Board acknowledged the leadership of Graeme Tregidga and announced the appointment of Carl Carrington as the new CEO.

The company aims to strengthen its existing business and explore growth options.