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Russian Aquaculture doubles EBITDA but faces currency losses

RUSSIAN FEDERATION
Monday, May 04, 2015, 02:20 (GMT + 9)

PJSC Russian Aquaculture reported a year-on-year 6.5 per cent increase in revenue, which reached RUB 19.22 billion (USD 374 million) and a 49 per cent growth in operating profit, which was RUB 2.8 billion (USD 54 million), the highest value in its history. The operating EBITDA was RUB 945 million (USD 18 million) compared to RUB 457 million (USD 8.9 million) a year before. However, the firm’s annual report outlines a net loss of RUB 407 million (USD 7.9 million) compared to a 2013 profit of RUB 453 million (USD 8.8 million). This result reflects a negative impact of a significant loss associated to currency exchange rates, which was RUB 472 million (Rub 48 million in 2013). Russian aquaculture informed early this year on its RUB 13 billion (USD 253 million) investment plans in fish farming by 2020 and increase production more than four times – to 21.000 to... FULL STORY

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