New Zealand King Salmon Investments Ltd (NZX & ASX: NZK) reports a net loss after tax of $24.5m and a pro-forma EBITDA loss of $13.7m for the six months period ended 31 July 2022 (1HY23).
This is a decrease from 1HY22's profit of $3.3m due to a mortality event in January 2022 and a reduced harvest.
NZK have implemented cost-saving initiatives and price increases across all markets to improve their financial performance.
The company have also reduced their capex and workforce, and have a net cash position of $15.6m.
In addition, NZK are looking to rebuild biomass and are expecting a decision on their open ocean Blue Endeavour application by the end of the year.
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