Blue Star Foods falls on wider Q3 loss, drop in revenue

Blue Star Foods

15/11/2022 17:43

** Shares in seafood processor Blue Star Foods  BSFC.O  fall
~9% to 81 cents in afternoon trade
    ** Co's net loss for three months ended Sept 30 rises to
$3.7 mln vs $0.2 mln a year ago 
    ** "Our third quarter loss typically occurs due to front
loading discounting for contract retention, that we believe will
benefit future quarter earnings and profits," says CEO John
Keeler 
    ** Further says "we spent approximately $0.5 million in
engineering designs related to our new planned recirculatory
aquaculture systems (RAS) facility in South Carolina."
    ** Co reports a 35% decline in revenue to $2.4 mln vs $3.7
mln a year earlier 
    ** YTD, stock has fallen 50.3% 
 (Reporting by Granth Vanaik)
 ((Granth.Vanaik@thomsonreuters.com;))