US fish oil maker Omega Protein has posted a 79% fall in quarterly net income, reflecting a reduced fish catch amid poor weather conditions along the US Atlantic Coast and the Gulf of Mexico.
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The company reported earnings of US$0.74m, or 3 cents a share, for the third quarter to 30 September, compared with $3.6m, or 14 cents a share, a year earlier.
The lower catch of fish led to higher cost inventories and higher cost of sales, as well as lower product volume available for sale, reported Dow Jones Newswires.
Revenue fell 8% to $32.2m from $35.0m in the year-ago period.
