Barramundi posts loss but revenue is up

Fish farmer Barramundi Group has reported a loss for last year, but the company saw revenue up by 15% and an improvement in operational performance.

The Barramundi Group is one of the biggest producers of that species in Australasia. In 2021 it reported an operational EBITDA (earnings before interest, taxes, depreciation and amortisation) loss of SGD $6.35 (£3.65m). This represents an improvement on the operational EBITDA loss of SGD 9.24m (£5.31m) in the previous year.

Group EBIT (earnings before interest and taxation) was SGD $19.22m (£11.05m) compared with a loss of SGD $ 11.34m (£6.52m) for 2020.

Revenue for 2021 was up to SGD $32.7m (£18.8) from SGD $28.4m (£16.33m) in 2020.

Sales volumes (WFE) were 1,951 tonnes in 2021, compared to 1,837 in 2020.

On a net profit level, one-off events, including a write-off of property, plant and equipment and goodwill impairment following a consolidation of the Singapore operations, led to a significantly higher loss than in 2020, despite the better operating performance.

The company said that it continues to be on track to produce 7,000 tonnes by 2026 across its operations in Australia, Brunei, and Singapore. In 2021 the group started preparations for significantly expanding the production capacity beyond 7,000 tonnes.

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