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Scottish Salmon Co. swings to loss in Q1

Scottish Salmon Co. PLC said its normalized net income for the first quarter was a loss of £641,250, compared with income of £6.4 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 declined to negative 2.3% from 23.3% in the year-earlier period.

Total revenue fell year over year to £27.3 million from £27.7 million, and total operating expenses climbed 69.0% year over year to £28.5 million from £16.9 million.

Reported net income came to a loss of £953,000, or a loss of 1 pence per share, compared to income of £7.7 million, or 4 pence per share, in the prior-year period.