Purse seiner offloading herring at Norway Pelagic. (Photo: Terje Engoe)

Norway Pelagic achieves low Q2 revenues

Norway Pelagic’s operating revenues in Q2 2010 were NOK 258.1 million (EUR 32.7 million) compared with NOK 448.5 million (EUR 56.8 million) last year in the same period.

EBITDA was NOK -26.1 million (EUR -3.3 million) against NOK 28.4 million (EUR 3.6 million) last year and operating result was NOK -28.4 million (EUR -3.6 million) compared with NOK 26.3 million (EUR 3.3 million) last year. Result before tax was NOK -47.4 million (EUR -6 million) versus NOK 22.2 million (EUR 2.8 million) last year.

For the first half of the year, the group’s operating income was MNOK 1018.5 (EUR 1.7 billion) versus MNOK 1197.6  (EUR 1.5 billion) the year before, while EBITDA was NOK 30.2 (EUR 3.8 million) million compared to NOK 93.6 million (EUR 11.9 million) and operating result was NOK 18.3 million (EUR 2.3 million) compared to NOK 84.8 million (EUR 10.7 million). Result before tax was NOK -3.1 million (EUR -392,553) compared to NOK 72.5 million (EUR 9.2 million).

The group’s balance sheet on 30 June was MNOK 1372 million (EUR 173.7 million). Equity was NOK 787 million (EUR 99.7 million), corresponding to an equity ratio of 57 per cent with a net interest bearing debt of NOK 487 million (EUR 61.7 million).

Norway Pelagic is listed on the main list of Oslo Stock Exchange with the ticker NPEL. The market value of the company on 30 June was NOK 675.0 million (EUR 85.5 million), based on the last share price of NOK 43.10 (EUR 5.46).

Norway Pelagic finished the quarter with low revenues and weaker profits due to limited raw material and thus low activity. The firm has considerably higher amounts of stock against the same time last year since major customers in Russia and Eastern Europe have been reserved to hold herring and capelin stock.

However, the gross margins achieved had a positive development.

An early startup of fisheries is expected for Q3 due to high mackerel quotas.

The markets in Q2 were influenced by record high fisheries earlier in the year. Strong volumes were sold to traditional markets in Russia and Eastern Europe, leading to hefty stocks and pressure in the markets.

Norway Pelagic saw volume fall in these markets in comparison to other exporters, but has continued to boost its position in the European Union (EU) market.

Africa is still a strong herring market because of low prices, while the Japanese market for capelin showed good progress with higher margins and volumes on female and mixed capelin.

Related article:

- Pelagic giant Norway Pelagic grows bigger

By Natalia Real
editorial@seafood.media
www.seafood.media

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Country:	Norway
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