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Australis Seafoods Q1 loss narrows YOY

Australis Seafoods SA said its normalized net income for the first quarter came to a loss of $6.5 million, compared with a loss of $8.1 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 8.6% from negative 29.2% in the year-earlier period.

Total revenue grew year over year to $75.9 million from $27.8 million, and total operating expenses climbed on an annual basis to $84.2 million from $39.0 million.

Reported net income totaled $5.6 million, or 0 cents per share, compared to a loss of $5.5 million, or a loss of 0 cents per share, in the prior-year period.