Cobia farming in Belize has not been profitable for Marine Farms. (Photo: Stock File/ Public Domain)
Marine Farms mulls sale of Belize cobia operation
Thursday, June 24, 2010, 22:50 (GMT + 9)
Marine Farms ASA announced this week that it is currently reviewing a number of options, including the possibility of selling its cobia business in Belize.
The cobia farming operation in Belize continues to generate negative results, mainly due to the delays in the production of juveniles, the Norwegian aquaculture producer stated.
Marine Farms said significant capital has been invested in the development of this business and a preliminary assessment indicates an impairment of approximately NOK 35 million (USD 5.4 million) in the consolidated accounts of the second quarter of 2010.
The company is also engaged in cobia farming in Vietnam.
Marine Farms' core competence is its technical and biological know-how and innovativeness. Its operations mainly consist of salmon farming in the UK and seabass/seabream in Spain.
The Group had a turnover of NOK 879 millon (USD 135.6 million) in 2009.