UK salmon processor The Scottish Salmon Co. adopted an upbeat tone yesterday (30 November) after it reported a drop on quarterly profits as global prices for the fish fell.

CEO Bill Hazledean said the company’s operations were “running to plan”, with funding “in place” to develop the business.

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Hazledean’s comments came as The Scottish Salmon Co. reported a pre-tax loss of GBP1.9m (US$3m) for the third quarter of the year. A year earlier, the company had made a pre-tax profit of GBP3m.

Underlying EBIT for the three months to the end of September was GBP688,000, down from GBP4.8m a year earlier.

The Scottish Salmon Co. said profits had been “impacted by the dramatic drop in traded sales prices globally”.

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Over the opening nine months of 2011, the salmon processor made a pre-tax profit of GBP1.1m; it generated GBP13.3m in pre-tax profit for the corresponding period of 2010. Over the first nine months of 2011, The Scottish Salmon Co.’s underlying EBIT reached GBP15.7m, compared to GBP16.9m a year before.

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Net operating revenue reached GBP17.8m, down 13.6% on the year. However, between January and September, revenue grew 17.7% to GBP74.9m.

Demand for Scottish salmon was expected to remain “strong”, Hazledean said, and the company has maintained its forecast for the volumes of salmon it will harvest this year at 23,000 tonnes.

The Scottish Salmon Co. said it plans to spend GBP40m on developing its existing sites and investing in new locations. It owns 40 sites on the Hebrides and West Coast of Scotland including two processing plants.

Hazledean will step down as CEO in January to focus on Associated Seafoods, a venture set up earlier this year by The Scottish Salmon Co. and its major shareholder Northern Link to invest in the value-added processing of salmon.

The Scottish Salmon Co. COO Dr Stewart McLelland will replace Hazledean as CEO.