Business
Why is the Seafarms (ASX:SFG) share price sinking 5% today?
The Seafarms Group Ltd (ASX: SFG) share price is falling sharply today as the company announced its half-year report late on Friday. The aquaculture company also released a market update.
The Seafarms share price was trading down 5.68% at 8.3 cents at the close of market today.
Why is the Seafarms share price sinking?
In its release, management said that the overall financial performance for the period reflected the company’s investment in pursuing its expansion in aquaculture operations. As such, Seafarms reported a large decline in revenue, and its net loss widened.
For the six months ending 31 December 2020, Seafarms reported revenue of approximately $14.937 million (down 30.7%) and a net loss of $12.8 million. The results…
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