September 1, 2020

Russian Aquaculture reports losses in first half of 2020

Russia's biggest salmon and trout producer PJSC Russian Aquaculture posted a US$5.4 million net loss in the first half of this year, compared to a US$13.5 million profit in 2019, Fish Information & Services reported.

The company said the net loss was due to the revaluation of biological assets. According to the company, the low water temperature has resulted in some of its fish produce not achieving a marketable weighed portion in June.

However, the report said fish growth was strong in July and August, adding that some of the growth gap has already been compensated for.

Ilya Sosnov, CEO of Russian Aquaculture said in addition to bad climate conditions, the fall of markets due to the COVID-19 pandemic also contributed to the company's posted losses.

The company reported a 2% increase in sales between January to June 2020 at 9,600 tonnes year-on-year. Because of this, Russian Aquaculture reported an 8% revenue increase to US$71 million, with operating profit up 2% at US$30.8 million.

Russian Aquaculture owns 36 salmon and trout growing plots, with 50,000 tonnes potential volume of salmon.

-      Fish Information & Services