Huon earnings up 49%, as it “re-enters” Asia

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Aussie producer, Huon Aquaculture Group, has reported a first-half 2018 operating EBITDA of AUD 39.2 million (EUR 35 million), or up 49 percent, as its average fish weights increased nine percent to 5.29 kilograms and prices at home improved along with demand.

The Tazmanian operator’s results came on revenues that soared 28 percent over the same span a year ago to AUD 170.5 million (EUR 108.5 million)

The company reported it had built a premium customer base in Asia using old contacts and had “re-entered the export market”.  Management said Huon now had “growth momentum”, after salmon production for the half year ending on December 2017 rose 35 percent over the year-ago period to 12,693 tonnes.

While the company said production costs had come down, shareholders learned EBITDA per headed-and-gutted kilogram of salmon had risen 15 percent to AUD 3.08 (EUR 1.96).

Meanwhile, Huon said its construction of a grow-out facility at Whale Point and expansion plans at Storm Bay were “on schedule”. Both are part of a long-announced investment program launched in 2016, when the company said it would aim for profit growth.

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