Increased earnings but costs still high for Huon Aquaculture

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“The residual impact of the fish losses and poor growth from the 2018 Year Class have slowed down the rate of which production can come down”.

Australian salmon farmer Huon Aquaculture posted its half-year results on the Australian Stock Exchange on Friday.

During the first-half revenue rose 31 per cent to AUD 178.1 million compared with the prior first half.

Operating EBIT was down 65 per cent on the six months ended. “While we remain focused on driving efficiencies through the business, the residual impact of the fish losses and poor growth from the 2018 Year Class have slowed down the rare of which production can come down,” Huon explained in its release.

Harvest volume rose 48 per cent, which it said was consistent on its track to meet its full-year harvest forecast of at least 25,000 tonnes. It added that fish are the biggest they have ever been at this time of year, survival rates the highest and with improved feed conversion rates.

Looking ahead, Huon wrote that the significant increase of biomass in the water will underpin increased production in FY2021 and FY2022.