SeaDragon confirms full-year loss to widen

A SeaDragon technician cleans fish oil refining equipment.
A SeaDragon technician cleans fish oil refining equipment.
SeaDragon, which manufactures fish oils for health supplements, has confirmed its 2017 annual loss will widen, in line with its previous guidance.

The Nelson-based fish oil refiner said its management and auditors were working through the year-end audit process, and it expected to report a loss of  $4.3million to $4.5million on  normalised earnings before interest, tax, depreciation and amortisation. The company reported a loss of $400,000 in 2016.

The forecast loss for 2017 is in line with its previous guidance, released on March 1.

The earnings for the year ended March 31 would be released on or before May 31, the company said.

SeaDragon has previously attributed the loss to the length of time it has taken to transition from its legacy omega-2 fish oil business to omega-3 fish oil produced at its new refinery.

The shares were unchanged at 0.6c and have fallen 50% over the past year. 

- Tina Morrison

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