New Zealand King Salmon reports profit drop

New Zealand King Salmon has reported a decline in net profit for the six months ended July 31, 2024.

The company's net profit for the period was $6 million, compared to $10.6m in the same period last year.

However, pro-forma ebitda increased to $13.5m, up from $10.7m.

Sales volumes also increased by 5%, reaching 3,178 metric tonnes, while revenues rose by 11% to $101.7m.

The company said the increase in mortality cost, which rose from $7.8m to $8.5m, affected its profit.

New Zealand King Salmon revised its full-year harvest guidance downwards to 6,800t due to elevated levels of early runting.

The company is now providing a pro-forma ebitda guidance range of $26m-$30m.