Andfjord Salmon reported a Q1 operating loss of NOK 25 million (€2.33 million) as the land-based salmon farmer remained without harvest revenues ahead of its first commercial post-smolt sale next month.
The company generated operating income of NOK 0.1 million during the quarter, while net loss widened to NOK 23.9 million (€2.22 million) from NOK 18 million a year earlier.
Andfjord said the first post-smolt delivery under its partnership with Eidsfjord Sjøfarm is scheduled for mid-June, ahead of schedule due to stronger-than-expected growth in pool K1 at its Kvalnes facility on Andøya.
Around 450,000 post-smolt will be sold to Eidsfjord Sjøfarm, while approximately 300,000 fish will remain in the pool for grow-out.
The company said survival rates remained above 99% in both operational pools, with total standing biomass reaching 1,584 tonnes live weight by 27 May.
At the same time, Andfjord has started releasing around 550,000 smolt into pool K3, which will be used entirely for post-smolt production.
The company is also continuing its expansion at Kvalnes, with pools K2 and K4 expected to become operational in Q2 and Q3 respectively. Contracts have also been signed for construction of pools K5 and K7.
Andfjord said installed production capacity is approaching 11,000 tonnes as phase one nears completion.
During the quarter, the company also increased its bank financing package by NOK 200 million (€18.6 million) to NOK 1.5 billion (€139.5 million), with NOK 600 million (€55.8 million) currently undrawn