Despite a significant increase in biomass, Australian salmon farmer Huon Aquaculture's earnings fell, thanks to what the company called a "slow recovery" from previous environmental and seasonal conditions.
In the first half of the 2020 fiscal year, Huon reported a drop in operating earnings before interest, tax, depreciation and amortization (EBITDA) to AUD 23 million (€14 million/$15.2 million), a 6 percent fall compared to the year prior.
The report cites that despite growth in biomass, the period was held back by low harvest weights in the first quarter.
While the firm's revenue showed a significant 31 percent increase year on year to AUD 178.1 million (€108.7 million/$117.5 million), there was a reduction of 12 percent in revenue per kilo to AUD 13.37 (€8.20/$8.80).
A large chunk of revenue, 52 percent, came from the company's wholesale segment, with the export segment following at 29 percent. Retail sales, both domestic and international, made up 19 percent of revenues.
The group harvested 13,321 metric tons of fish, a 48 percent increase.
Huon is expecting even greater production in the coming years -- with forecasts of 25,000 metric tons for 2020 and 30,000 metric tons for 2021 -- after completing a two-year capital expenditure program that expanded production capacity.
"Recovery of biomass and average harvest size has allowed focus to return to key strategic markets," the group wrote in the financial presentation.