Chilean salmon company Nova Austral saw earnings sliced in half in 2018, the result of lower harvests and additional costs associated with bad smolt.
Despite higher fourth quarter earnings, earnings before interest, taxation, depreciation and amortization (EBITDA) for 2018 fell to $31 million (€27.6 million), down from $70 million (€62.3 million) the year prior.
Revenues dropped 25 percent compared with the year prior, to $133 million (€118.4 million).
The decline in sales was the result of a 25.9 percent decline in harvests, to 20,000 metric tons due to lower growth rates than in the previous year, and extra costs due to bad smolt.
