New Zealand King Salmon has reached calmer waters with its interim results for the 2024 financial year, for the six months ended July 31.
It declared a net profit of $10.6 million compared with a loss of $24.5m in the previous corresponding period.
Sales volumes were up 5% and revenue rose 14% to $80m.
Most importantly, the fish mortality cost shrank to $7.8m compared with $22.3m.
The earnings guidance for the full year, ended January 31, has been revised upward to $23.5m to $27.5m.
NZ King Salmon now has a majority of its fish in the Tory Channel and away from warmer waters.
Three sites in Pelorus Sound have been fallowed.
It is also breeding more thermo-tolerant salmon and monitoring sea temperatures very closely.
NZ King Salmon has a net cash position of $25m, a huge turnaround from a debt position of $47m some 18 months ago.
NZK shares rose 3c to 22c after the interim results announcement, but the price is languishing after falling from 70c two years ago, following news of the La Nina-related fish mortality and financial woes of FY22 and FY23.