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Huon Aquaculture swings to loss in fiscal H1

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Huon Aquaculture swings to loss in fiscal H1

Huon Aquaculture Group Ltd. said its normalized net income for the fiscal first half ended Dec. 31, 2015, was a loss of 1 Australian cents per share, compared with 33 cents per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of A$1.1 million, compared with income of A$23.2 million in the year-earlier period.

Total revenue increased 32.7% on an annual basis to A$131.2 million from A$98.8 million, and total operating expenses rose on an annual basis to A$131.3 million from A$59.9 million.

Reported net income totaled a loss of A$1.3 million, or a loss of 2 cents per share, compared to income of A$25.9 million, or 37 cents per share, in the prior-year period.