Proximar bidding to get back on track
Proximar Seafood, the Norwegian company which has built a land-based Atlantic salmon farm in Japan, has announced mixed results from its second quarter operations.
It produced a harvest of 321 tonnes in the April to June period bringing the total for the year so far to 643 tonnes.
The survival rate was just over 87%. The percentage of fish graded as “superior” was 99.2%, with a survival rate (excluding incidents) above 99%. Including a reported incident in May, the survival rate was 87.2%.
CEO Joachim Nielsen said: "We entered the second half with all modules in operation and expect growth rates and harvest weights to gradually increase.
“Mortality is still low, and we expect to demonstrate the earnings potential of our model as our production gradually gets back on track through the second half of 2025 and going into 2026."
He added: "We have as of today harvested 1,000 tonnes in total of live fish, demonstrating the facility’s ability to produce high-quality Atlantic salmon."
However, the Mount Fuji based operation said the second quarter was impacted by continued reduced feeding following earlier biofilter incidents.
Revenues were negatively impacted by lower achieved harvest weights and consequently lower price achievement, combined with some delay of harvest volumes as a measure to increase harvest weights
Income for the quarter ended at NOK 23.8 million (£1.7m) (zero in Q2 2024) and EBITDA of minus NOK -55.2 million (minus £4m).
The one-time effects, in addition to fair value adjustment, impacted on operating results and amounted to approximately NOK 28 million (£2m).
Its brand, Fuji Atlantic Salmon, continued to receive premium pricing for fish in this segment. The average price achievement for the quarter was NOK 75 per kg.
Proximar said the priority now was to get back to the production plan for 2026, and the company would continue to consider how to optimise production with this object in focus. Since July, more extensive sampling has started to monitor growth and performance, the company added.
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