Turbot and sole farmer Stolt Sea Farm’s posted a third-quarter loss because of a large capital expenditure related to its ongoing expansion.
The company posted a loss of $435,000 (€397,590) versus last year's $403,000 (€368,342) profit, despite a year-on-year 10 percent hike in revenues to $28.2 million (€25.8 million).
Capital expenditures reached $5.5 million (€5 million) in the quarter ending Aug. 31, almost triple the spend in the third quarter of last year, due to expansion investments.
Regarding revenues the company's turbot and sole operations contributed 96 percent with a near 10 percent revenue increase on the third quarter last year, with sales from its sturgeon and caviar operations increasing 19 percent, but accounting for just 4 percent of the total.
