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Australis Seafoods Q2 loss narrows YOY

Australis Seafoods SA said its second-quarter normalized net income was a loss of $6.3 million, compared with a loss of $14.5 million in the year-earlier period.

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

The normalized profit margin increased to negative 7.9% from negative 25.8% in the year-earlier period.

Total revenue climbed 41.7% on an annual basis to $79.6 million from $56.2 million, and total operating expenses increased 10.0% on an annual basis to $86.1 million from $78.3 million.

Reported net income totaled a loss of $1.8 million, or a loss of 0 cents per share, compared to a loss of $24.5 million, or a loss of 1 cents per share, in the year-earlier period.