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Australis Seafoods Q4 loss narrows YOY

Australis Seafoods SA said its normalized net income for the fourth quarter was a loss of $11.2 million, compared with a loss of $15.7 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 19.0% from negative 35.1% in the year-earlier period.

Total revenue increased 31.9% year over year to $59.0 million from $44.7 million, and total operating expenses rose 10.5% on an annual basis to $74.9 million from $67.7 million.

Reported net income came to a loss of $22.9 million, or a loss of 0 cents per share, compared to a loss of $13.8 million, or a loss of 1 cents per share, in the year-earlier period.

For the year, the company's normalized net income totaled a loss of 1 cents per share, compared with a loss of 1 cents per share in the prior year.

Normalized net income was a loss of $51.9 million, compared with a loss of $25.9 million in the prior year.

Full-year total revenue grew 19.7% from the prior-year period to $191.2 million from $159.8 million, and total operating expenses rose 37.9% on an annual basis to $270.6 million from $196.3 million.

The company said reported net income came to a loss of $67.2 million, or a loss of 2 cents per share, in the full year, compared with a loss of $43.7 million, or a loss of 2 cents per share, the prior year.