STOLT SEA FARM FIRST QUARTER HIT BY BIOMASS WRITE DOWN
Stolt Sea Farm first quarter hit by biomass write down. Stolt Sea Farm’s operating profit for the first quarter ended February 28 2019, before the fair-value adjustment of inventories, was $1.0m compared with $0.9 million in the fourth quarter of 2018, reflecting strong turbot sales during the peak Christmas season. However, these figures were offset by a $1.7 million one-time write-down of biomass inventory.
Niels G. Stolt-Nielsen, Chief Executive Officer of Stolt-Nielsen Limited, said: “Stolt Sea Farm’s results were up in the first quarter, excluding the impact of the fair-value adjustments to inventories.”
He added: “Ongoing efforts at Stolt Sea Farm to expand into new geographic markets are being well received and the long-term outlook is promising. Construction at our two new farms in Tocha, Portugal and Cervo, Spain is progressing on schedule and, when completed, will support our further growth in sole.”