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Australis Seafoods Q3 loss narrows YOY

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Australis Seafoods Q3 loss narrows YOY

Australis Seafoods SA said its normalized net income for the third quarter amounted to a loss of $4.9 million, compared with a loss of $13.6 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 increased to negative 4.8% from negative 28.1% in the year-earlier period.

Total revenue increased year over year to $102.0 million from $48.3 million, and total operating expenses grew 51.7% on an annual basis to $108.0 million from $71.2 million.

Reported net income came to $7.4 million, or 0 cents per share, compared to a loss of $14.4 million, or a loss of 0 cents per share, in the prior-year period.