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November 23, 2016

Scottish Salmon Co. books Q3 loss

The Scottish Salmon Co. has posted a third-quarter loss as operating costs spiked amid by "unprecedented levels of mortality" of fish during the period.

By Dean Best

The Scottish Salmon Co. has posted a third-quarter loss as operating costs spiked amid by “unprecedented levels of mortality” of fish during the period.

In a stock exchange filing this morning (23 November), the company booked a loss of GBP10.2m (US$12.6m), compared to a profit of GBP441,000 for the third quarter of 2015. The business posted an operating loss of GBP12.5m, versus an operating profit of GBP700,000 a year earlier.

The Scottish Salmon Co. said its operating costs rose from GBP19.4m in the third quarter of 2015 to GBP26.6m.  “The group has a policy of recognising the cost of all mortalities in the quarter in which they occur,” the company said. “Exceptional mortalities, in the region of 1,300 tonnes in Q3 2016 will have an impact on future as well as current harvest volumes.”

The losses came despite a 39% increase in revenue to GBP25.2m amid higher volume and “strong” market prices.

However, The Scottish Salmon Co. said its revenue was “impacted” by the usual lower volumes seen in the third quarter and a lower mean weight of fish harvested.

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