OSLO: Operating losses at Cermaq’s Chilean farms topped $166 million in the group’s latest financial earnings, wiping out gains at the company’s Norwegian and Canadian operations. The losses were incurred during the fiscal year comprising the 15 months ending March 31, 2016.
Cermaq, which was acquired in 2014 by Japan’s Mitsubishi Corporation making that group the world’s second largest salmon farmer behind Marine Harvest, reported the 15-month fiscal year rather than the usual 12, in order to get its financial reporting in sync with its parent.
During that 15-month period, Cermaq Chile — by far Cermaq’s largest operation — incurred an operating loss before fair value adjustment of NOK 1.35 billion ($166.7m) compared to the combined NOK 1.09bn in operating gains seen by the Canadian and Norwegian operations.
