Norwegian company Genomar suffered losses in Q1 2011. (Photo: Stock File/FIS)

Genomar begins 2011 with more losses

Norwegian company Genomar suffered losses in the first quarter of 2011 with a negative EBITDA of NOK 6.54 million (EUR 831,900) versus NOK - 6.03 million (EUR - 767,000) in Q1 2010. The company’s revenues were NOK 9.52 million (EUR 1.21 million) compared to NOK 8.46 million (EUR 1.1 million) in the same quarter of last year.

EBIT was negative at NOK 9.04 million (EUR 1.15 million) versus NOK - 8.29 million (EUR - 1.05 million) in the corresponding quarter of 2010, and earnings before tax (EBT) were negative at NOK 8.88 million (EUR 1.13 million) versus NOK - 8.24 million (EUR - 1.05 million).

Genomar’s figures are still being influenced by its operating losses in Trapia, Malaysia. New CEO Olav Jamtoy, who took on his role in February of this year, has consequently focused his foremost efforts on Malaysia, the company said.

Despite losses, some of the operational issues the company went through in the fall of last year were corrected in this first quarter. Logistics in harvest and transportation saw improvements and fish mortalities fell to “acceptable levels.”

As well, the firm began operating a new barge for harvesting in January and its output per cage rose from 35 tonnes to more than 40 tonnes per harvest.

During the first quarter of 2011, Genomar revised and updated its business plan for its breeding services. The developments include providing such services for three companies belonging to the salmon farming sector.

Genomar Supreme Hatchery China (GSHC) performed strongly in Q1 2011 compared to previous years as a result of having expanded the range of its customer base in Guandong, Guangxi and Hainan. Improvements also came from broadening and increasing marketing activities in Fujian and Yunnan provinces.

The company expects the second quarter to bring lively results for GSHC.

The firm is trying to terminate its Genomar South East Asia activities and transfer them to Temasek. The activities are still running at a loss.

Genomar Supreme Philippines has been concentrating its selective breeding activities on improving survival rates and preparing breeder fry for China and Malaysia, where demand is high.

The company’s Trapia Malaysia SDN BHD division began with a positive performance this year, producing 257 tonnes of whole fish and now yielding five containers per month. Efforts are being made to boost sales activities and market studies to ensure demand is met.

Trapia and the Malaysia Fisheries Department participated together in the Boston Seafood Show last March and succeeded in strengthening its position as a supplier of high-quality, sustainable and traceable tilapia to US consumers, Genomar informed.

Finally, the company’s farm has been preparing for audits to meet the standards of the Global Gap and the ISRTA.

Related article:

- Genomar's Q4 sees dramatic losses 

By Natalia Real
[email protected]
www.seafood.media

Address:	Dronnings Mauds 1
City:	Oslo
State/ZIP:	(NO-0250)
Country:	Norway
Phone:	+47 22 34 10 00
Fax:	+47 22 41 24 15
E-Mail:	[email protected]
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