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.”