The Scottish Salmon Co. has booked a fall in third-quarter sales and a set of mixed profit numbers for the period.
Net operating revenues fell from GBP33.6m (US$50.7m) in the third quarter of 2014 to GBP18m this year.
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The company posted earnings before taxes of GBP716,000 for the three months to the end of September, versus GBP5.7m a year earlier.
The group’s EBIT also improved, reaching GBP700,000, compared to GBP4.5m a year ago.
However, The Scottish Salmon Co. made an EBIT loss before fair value adjustment on biomass of GBP3.4m. In the third quarter of 2014, it generated an operating profit before fair value adjustment on biomass of GBP240,000.
The company insisted the third quarter is a “traditionally challenging time” for the salmon industry and for business. “It is typically characterised by lower volumes because in alternate years, such as 2015, harvesting is from smaller, more remote sites,” the group said. “The results for Q3 reflect the effects of the exchange rates and especially strong pound, as well as continued biological challenges.” The Scottish Salmon Co. said there had been “unprecendented” strength in sterling versus the Norwegian krone, while the value of the pound weighed on exports to Europe.
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By GlobalDataExports accounted for 48% of revenue in the quarter, compared to 36% in 2014. The Scottish Salmon Co. exports to 24 countries and has this year focused its efforts on “emerging territories” including Asia and the Middle East. Business in these new markets generated 27% of the company’s export revenue during the quarter.
