Stolt Sea Farm posts Q4 loss
Turbot, sole, sturgeon and caviar producer Stolt Sea Farm (SFF) recorded an operating loss of USD 2.5 million (EUR 2.3 million) in the fourth-quarter of 2015, compared with a loss of USD 400,000 (EUR 366,565) in Q4 2014.
In Q3 2015, SFF posted an operating loss of USD 2.1 million (EUR 1.9 million).
The company said the accounting for inventories at fair value had a negative impact of USD 2.7 million (EUR 2.5 million) in the last quarter, compared with a negative impact of USD 2.1 million in Q3 2015.
It reported Q4 2015 operating revenue of USD 14.4 million (EUR 13.2 million), compared with USD 14.8 million (EUR 13.6 million) in Q3. Turbot revenue fell by 8.8 percent in the last quarter, mainly reflecting the impact of the stronger U.S. dollar, though both market prices and the volume sold were down slightly.
At the same time, sole revenue increased by 7.5 percent as market prices rose on unchanged volume, while caviar revenue increased due to higher prices and increased volume.
Founded in 1972, SFF is one of the world’s leading producers of farmed turbot, which is marketed under the “Prodemar” brand. The company has 15 farms in six countries: France, Iceland, Norway, Portugal, Spain and the United States. Its caviar production is based in California, where it has four facilities.