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Australis Seafoods Q3 loss widens 41.4% YOY

Australis Seafoods SA said its normalized net income for the third quarter amounted to a loss of $13.6 million, compared with a loss of $9.6 million in the prior-year period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin dropped to negative 28.1% from negative 18.4% in the year-earlier period.

Total revenue fell 7.4% year over year to $48.3 million from $52.2 million, and total operating expenses rose 7.5% year over year to $71.2 million from $66.3 million.

Reported net income came to a loss of $14.4 million, or a loss of 1 cents per share, compared to a loss of $23.8 million, or a loss of 1 cents per share, in the prior-year period.