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New Zealand King Salmon Market Announcement September 30 , 2021 NZK - NEW ZEALAND KING SALMON ANNOUNCES 1H22 RESULT New Zealand King Salmon Investments Ltd ( NZX & ASX : NZK ) reports its financial performance for the six months period ended 31 July 2021 ( 1H22 ) . Key points include : • • Small fish size and compensating restrictions on harvest have negatively impacted our result The effects of Covid - 19 disruptions have been largely overcome with the exception of freight availability and cost Revenue of $ 80.1m , up from $ 67.0m in 1H21 , reflecting clearance of excess inventory and sales recovery ( $ 4.2m clearance ) . Sales volume of 3,629 tonnes compared with 2,745 tonnes in 1H21 ( 470t clearance ) . Statutory NPAT of ( $ 5.6m ) , compares with ( $ 5.6m ) in 1H21 . Pro Forma Operating EBITDA of $ 3.3m , compared with $ 7.1m in 1H21 . The main differences between Statutory and Proforma EBITDA profit measurement being ( $ 13.5 ) FX close - out profits , $ 8.1m inventory fair value adjustment , and $ 0.98m FRS16 leases . Chairman John Ryder said : “ Unfortunately it's been a challenging six months , but we have now initiated our Prescient Aquaculture Model , built on decades of farming King salmon and the experience of our own in - house team . Since the beginning of our new financial year , we have returned to demand exceeding supply " . " Our premium brands continue to show great strength in building customer relationships and supporting margin growth , focusing on diversification across categories and markets to build resilience . " New Zealand King Salmon CEO Grant Rosewarne acknowledged it had been a tough period . “ During the first four months we made losses , more than fully offset by closing out excess foreign exchange contracts . In June we were back to break even , followed by incremental gains in July of $ 1.3m ( proforma EBITDA ) , continuing into 2H , with August at $ 1.6m . " We are forecasting harvest volumes in the second half of 2022 of over 4,000 tonnes delivering the usual premium prices . We have consistently maintained prices for the core branded portfolio , even through the Covid pandemic . Excess unbranded stock , mainly whole frozen fish , continues to be sold to international customers outside of established branded channels . " During Covid FY21 we refocused on NZ retail ( with heavy price promotions ) and developed additional fresh speciality and e - commerce business in the US , which helped get us through FY21 .