The IFRS net loss of PJSC Russian Aquaculture for 2015 increased 3.3 times to RUB1.339 billion (USD0.02 billion) from RUB407.123 million (USD6.33 million) the year before, the company reported on April 29, 2016.

Revenues of Russian Aquaculture declined 1.7 times to RUB864.841 million (USD13.45 million) from RUB1.516 billion (USD0.02 billion). Gross losses stood at RUB221.817 million (USD3.45 million), against a profit of RUB287.127 million (USD4.46 million).

PJSC Russian Aquaculture (named Russian Sea Group before February 18, 2015) is a producer of Atlantic salmon and trout in Russia, the leading distributor of chilled and fresh-frozen fish and seafood.

The company’s key business activities include aquaculture (Atlantic salmon breeding in the Barents Sea marine environment in the Murmansk region and trout breeding in lakes of the Karelia republic) and the distribution of chilled and fresh-frozen fish.

Russian Aquaculture currently runs 29 salmon and trout breeding sites with a total potential breeding capacity of 70 thousand tons of red salmon fish. The company uses its own distribution network of CJSC Russian Fish Company for marketing aquaculture products.

The distribution segment benefits from the largest federal-scale network of branches and representative offices engaged in the sale of chilled and fresh-frozen fish in more than 85 percent of the Russian regions. The product portfolio exceeds 60 kinds of fish and seafood including salmon, trout, cod, herring, mackerel, Alaska pollock, flounder, shrimps, and squids. Major domestic and foreign companies supply products to the market through the company’s distribution channel.

The regional network of PJSC Russian Aquaculture consists of more than 40 offices and trade missions.

The IFRS net loss of PJSC Russian Aquaculture for the first half of 2015 decreased by 24.6 percent to RUB325.537 million (USD5.06 million) from RUB431.782 million (USD6.71 million) the year before. Revenues decreased by 24 percent to RUB6.835 billion (USD0.11 billion) from RUB9.047 billion (USD0.14 billion). Gross profits increased 2.11 times to RUB1.299 billion (USD0.02 billion) from RUB616.073 million (USD9.58 million). Pre-tax losses decreased more than twofold to RUB164.874 million (USD2.56 million) from RUB398.493 million (USD6.20 million).

According to AK&M Information Agency’s DataCapital information retrieval system, the RAS net loss of PJSC Russian Aquaculture for the first nine months of 2015 was RUB3.113 billion (USD0.05 billion), against a profit of RUB219.396 million (USD3.41 million) the year before. Revenues increased by 34 percent to RUB150.32 million (USD2.34 million) from RUB111.657 million (USD1.74 million). The company’s gross profit went up by 33 percent to RUB68.256 million (USD1.06 million) from RUB51.364 million (USD0.80 million). Losses before taxes were RUB3.113 billion (USD0.05 billion), against a profit of RUB213.021 million (USD3.31 million).

On September 5, 2014, AK&M Rating Agency assigned an “A” tier one national scale credit rating with a stable outlook to the Russian Sea Group.