- Tassal Group (TGR) has tabled its half-year results, showing an increase in revenue but a drop in net profit
- The salmon farming company’s revenue increased by 6.6 per cent year on year, to total $292 million
- Its statutory net profit after tax plummeted, down 32.3 per cent compared to 1H FY20
- In terms of activities, Tassal is well ahead on its salmon harvest biomass plan
- The company’s prawn harvest is also on track, with FY21 expected to deliver around 4000 tonnes
- TGR also posted huge gains in seafood sales numbers, with prawn sales jumping up a massive 786 per cent during the first half
- Shares in Tassal Group are trading up 1.96 per cent at $3.39 each
Tassal Group (TGR) has tabled its half-year report, revealing a mixed bag of financial results.
The salmon farming company’s revenue and earnings increased, however, its net profit plummeted as COVID-19 continued to affect the economy.
The seafood business reported a 32.3 per cent drop in statutory net profit after tax (NPAT) year on year, to total $27.64 million.
Its operating NPAT also fell 7.8 per cent from $30.64 million in 1H FY20 to $28.26 million in the first half of the 2021 financial year.
The company’s revenue performed better, increasing by 6.6 per cent year on year, to total $292 million.
Operating earnings before interest, taxes, depreciation and amortisation was also a key performer, increasing 18 per cent over the half-year to total $78.4 million.
In terms of activities, Tassal stated that its well ahead on its strategic plan regarding the salmon harvest biomass.
The company’s prawn harvest is also on track, with FY21 expected to deliver around 4000 tonnes.
Additionally, TGR posted huge gains in seafood sales numbers over the half-year period, with prawn sales alone jumping up a massive 786 per cent.
Commenting on the results, Tassal Group CEO Mark Ryan stated the strong sales growth was offset by global factors such as COVID-19.
“Tassal has continued to deliver on all its long term strategic milestones, with salmon volumes currently at the level expected to be achieved in five years’ time, and prawn volumes tracking as planned,” he said.
“However, like other global and domestic seafood companies, Tassal experienced significant pricing volatility in 1H FY21 due to COVID-19 and resulting restrictions and market fractures, particularly in global export markets,” he added.
Shares in Tassal Group are up 1.96 per cent following today’s half year results, trading at $3.39 each at 11:36 am AEDT.