An Aker Seafood fresh fish processing plant. (Photo: Aker Seafoods/FIS)

Aker Seafoods' EBITA improves, but profit falls

Aker Seafoods saw its EBITDA rise from NOK 36 million (EUR 4.4 million) to NOK 41 million (EUR 5 million) for the third quarter of this year. The EBITDA margin stayed stable at 5.9 per cent.  

The firm’s Q3 operating revenues reached NOK 681 million (EUR 83.4 million), compared to NOK 609 million (EUR 74.6 million) for Q3 2009, due to larger harvesting volumes, bigger production rate, higher prices and boosted inventory sales. 

But profit before tax amounted to minus NOK 16 million (EUR 1.9 million) compared to NOK 136 million (EUR 16.6 million) in the third quarter of 2009. Net finance was NOK 24 million (EUR 2.9 million) versus NOK 141 million (EUR 17.3 million) in Q3 2009. 

“Aker Seafoods achieved progress in a demanding period. The harvesting volumes have increased and we have improved the results within the processing segment. This, despite a demanding supply situation for raw materials,” said CEO Thomas Farstad. 

EBIT for the period yielded NOK 8 million (EUR 979,473) versus NOK 5 million (EUR 612,170) in the third quarter of last year. Earnings per share isolated for the period were negative at NOK 0.12 (EUR 0.015) per share. 

Net interest-bearing debt escalated to NOK 1.067 billion (EUR 130.6 million) compared to NOK 1.012 billion (EUR 123.9 million) at the end of Q2. 

Shareholders' equity reached 36.2 per cent at the end of this third quarter, compared to 35.8 per cent at the end of the second quarter. 

EBITDA for Aker Seafoods Harvesting was NOK 30 million (EUR 3.7 million) versus NOK 33 million (EUR 4 million) in the third quarter of last year, and total harvested volumes grew by 20 per cent.

The market and processing company Norway Seafoods, comprising Norway, Denmark and France, achieved an EBITDA of NOK 11 million (EUR 1.3 million) compared to NOK 3 million (EUR 367,302) in Q3 2009. 

The Norwegian processing segment had an EBITDA of NOK 1 million (EUR 122,434) compared to NOK 8 million (EUR 979,473) in the third quarter of last year, and sold 3,248 tonnes of fish fillets. The Danish segment reached an EBITDA of NOK 6 million (EUR 734,605) against Q3 2009’s NOK 10 million (EUR 1.2 million), and the EBITDA for the French segment was NOK 6 million (EUR 734,605) compared to NOK 1 million (EUR 122,434).

Although Aker anticipates that fisheries will be normalised for the rest of the year, it believes a shortage of cod supplies from the coastal fleet will present challenges for the Norwegian plants. 

Next year’s quotas are set to grow by 16 per cent for cod and 25 per cent for haddock. This could yield more efficient harvesting operations and enhance the supply of raw materials for the Norwegian processing operations.

Related articles:

- Aker Seafoods reaches higher profits in H1 
- Aker Seafoods sees grand Q1 

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

Address:	Fjordalléen 16 - Postboks 1301
City:	Oslo
State/ZIP:	(0250)
Country:	Norway
Phone:	+47 24 13 01 60
Fax:	+47 24 130 161
E-Mail:	firmapost@akersea.com
More about:

 

 

 

 

 

 

 

Print