Just under a month after Singapore-based Barramundi Group released its FY 2023 results – five months after they were due – the company released its H1 2024 results revealing SGD 3.37 million (USD 2.5 million, EUR 2.4 million) in net losses as it works to restructure the company and reverse its losses.
Barramundi Group was placed on the “penalty bench” of the Oslo Børs, or Euronext Oslo exchange, in June 2024 for failing to release its results by 30 May. Then in September, the company announced a restructuring plan to assist with a scheme to bring it back into profitability – a move which has since placed it in the “recovery box” on the Oslo Børs.
As it worked to bring itself back from dire financial straits, the company asked the High Court of the Republic of Singapore for a six-month moratorium on any receivership and legal proceedings against the company as it works to restructure. The court ultimately granted it a four-month moratorium on 11 October, which will end on 11 February.
According to Barramundi Group, it expects to resolve its restructure by H1 2025.
As it continues to work on its restructure, the company posted a slightly lower revenue in H1 2024 of SGD 7.3 million (USD 5.4 million, EUR 5.2 million), down from the SGD 9.3 million (USD 6.9 million, EUR 6.6 million) it posted in H1 2023. Fish mortality costs also increased slightly to SGD 634,000 (USD 469,000, EUR 448,000), up from SGD 575,000 (USD 426,000, EUR 406,000)...
