Half Year 2025 New Zealand King Salmon Investments Ltd Earnings Call Transcript
Key Points
- Pro-forma EBITDA increased by 26% to $13.5 million compared to $10.7 million in the prior year.
- Revenue increased by 11% to $101.7 million for the half year.
- Net cash on hand remains strong at $32.5 million.
- Ongoing investments in R&D to improve fish health, including thermotolerance work and vaccine developments.
- Blue Endeavor pilot project is progressing well, with infrastructure and fish for the pilot already in place.
- Net profit decreased to $6.0 million from $10.6 million in the prior year.
- Higher mortality rates due to increased biomass on farms.
- Challenges with early runting affecting fish performance and harvest volumes.
- Increased corporate costs due to capability enhancements and compliance requirements.
- Feed pricing remains highly volatile due to global commodity prices and geopolitical issues.
(audio in progress) New Zealand King Salmon Investments Limited half year results announcements. (Operator Instructions) I would now like to hand the conference over to Mr. Carl Carrington, Chief Executive Officer. Please go ahead.
Good morning, everyone. Welcome to the New Zealand King Salmon half year results. This morning, I'm going to be presenting a presentation in conjunction Ben Rodgers, CFO; Graeme Tregidga, Chief Commercial Officer; and Grant Lovell, GM of Aquaculture.
So firstly, I'm going to take you through an exec summary of the results, starting with the GAAP. Net profit for the first half $6.0 million. That compares to first half last year of $10.6 million. Compared to the prior comparable period, the GAAP results have been impacted by non-cash adjustments relating to biological inventory, which was a loss of $3.6 million and a smaller contribution from the unwind of earlier close out ForEx contracts which was $2.6 million compared to $3.6 million in the
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