Codfarmers experienced a reduction in revenues. (Photo: Cod Farmers)
Codfarmers' Q1 net profits enjoy a slight rise
Monday, May 23, 2011, 01:40 (GMT + 9)
Norwegian company Codfarmers this week announced a net profit in the first quarter of 2011 of NOK – 10.8 million (EUR 1.4 million) compared to NOK – 11.9 million (EUR 1.5 million) in the corresponding quarter of last year.
The company’s operating profit before biomass adjustments (EBIT) totaled NOK -8.6 million (EUR -1.1 million) versus the 2010 figures of NOK -9 million (EUR -1.14 million) in the first quarter of 2010.
In terms of sales, Codfarmers achieved revenues of NOK 40.1 million (EUR 5.1 million) in the first quarter of 2011, a drop from Q1 2010’s NOK 43.5 million (EUR 5.5 million). The average sale price for cod was NOK 23.17 (EUR 2.94) per kg compared to NOK 26.7 (EUR 3.38) per kg in the first quarter of the previous year.
There was a 12 per cent rise in average fresh cod prices overall, of both wild and farmed fish and an 11 per cent drop in total fresh cod export volumes.
EBITDA saw figures of NOK -4.4 million (EUR -557,774) compared to NOK -3.4 million (EUR -431,007) in the first quarter of 2010.
As well, the firm announced a cash reserve of NOK 29 million (EUR 3.68 million) by the end of the period and short account receivable amounts on NOK -6,000,000 (EUR -760,601).
The company said it had harvested 1,193 tonnes of its own cod from Kjerkvika and Meløysjyen in Q1 2011, with an average harvest weight of 3,036 kg.
Another 300,000 cods will be moved to the Rusenes location in Florø in July.
Cod Farmers’ on-growing facility at its Mørkvedbukta site has been prepared to begin production next month.
In addition, Codfarmers obtained a 17 per cent share in Nesset Fiskemottak AS through the transfer of existing equipment on loan to Nesset as related to a capital increase at Nesset in February 2011. COD’s CEO Harald Dahl also took a place at the Board of Nesset.
Both factors reinforced the collaboration between Codfarmers and Nesset and also Nesset’s ability to implement the continuous development work required to get Nesset BRC certified in 2011.
By Natalia Real