RUSSIA - Russian Aquaculture the largest Russian company in the aquaculture sector and distribution of chilled and frozen fish and seafood products saw a net loss in the first quarter of the year of 285 million rubles.
This is compared to a loss of 67 million rubles for the same period last year.
The company said that there was an overall drop in sales because of rising prices and an increase in interest expenses due to the development of aquaculture segment and the rising cost of debt financing.
Russian Aquaculture also said that the loss was formed by a "paper" negative revaluation of the biomass of fish in the water amounting to 307 million rubles.
The company reported revenue for the quarter of 3.55 billion rubles compared to 4.47 billion rubles a year ago.
However, the company said the aquaculture segment had shown the expected growth in revenues and volumes.
In the distribution segment the company said it will continue to work on operational efficiency to improve profitability of operations despite the drop in sales.
TheMeatSite News Desk