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SeaDragon confirms full-year loss to widen

NZN 25/05/2017 Tina Morrison

SeaDragon, which manufactures fish oils for health supplements, has confirmed its 2017 annual loss would widen, in line with its previous guidance.

The Nelson-based fish oil refiner said its management and auditors are currently working through the year-end audit process, and it expects to report a loss of $4.3 million to $4.5m on a normalised earnings before interest, tax, depreciation and amortisation basis, versus a 2016 loss of $400,000.

That's in line with its previous guidance released March 1.

The earnings for the year ended March 31 will 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 business to Omega-3 fish oil produced by its new refinery.

The shares were unchanged at 0.6 cents and have fallen 50 per cent over the past year.

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