Fishing vessel belonging to Havfisk's fleet. (Photo Credit: Ervik Havfiske AS)
Havfisk registers lower revenue but higher profitability
(NORWAY, 11/9/2015)
Havfisk experienced a decline in operating revenues in the third quarter compared to the same period last year. This result was attributed to a strategy of fishing more shrimp and other fish species than previously, which gives a lower volume than fishing for cod, haddock and saithe.
“In the third quarter more shrimp and other species have been fished than in the same period in 2014. Increased utilization of all fishing opportunities available to us is in line with our harvest strategy,” pointed out the firm’s CEO Webjørn Barstad.
Havfisk reported sales for NOK 267 million (USD 31 million), which is NOK 29 million (USD 3.3 million) lower than in the same quarter in 2014.
The average price achieved for all harvesting increased by 18 per cent compared with the third quarter of 2014. During the same period, prices increased for cod and shrimp but prices for haddock were reduced.
In this regard, Barstad explained: “The prices for cod and shrimp have increased in the third quarter compared to the same period in 2014. The market for haddock has been challenging and the prices have fallen."
Despite the challenges faced by Havfisk, the firm obtained a NOK 2 million increase in EBITDA, to NOK 87 million (USD 10 million) in the analysed period compared with the third quarter in 2014.
“Overall, we are satisfied with increasing the profitability in the quarter, while still having the most valuable quotas left for the fourth quarter. We therefore expect that the fleet will be in continuous operations for the rest of the year,” the firm’s CEO added.
As to the fourth quarter this year, the firm plans to focus on cod and haddock catches and trusts on the good demand for cod, which will contribute for prices to maintain the positive trend.
The market for haddock, on the other hand, has been more difficult in recent quarters, with sharply falling prices. The quotas for 2016 provide a good, stable quota base.
The cod quota is at the same level as this year and the haddock and saithe quotas are increasing.
“Havfisk has a solid quota basis for 2016. In addition to stable quotas of cod and some increase in the quotas for haddock and saithe, Havfisk will also fish for shrimp, Greenland halibut, silver smelt and red fish in 2016,” concluded Barstad.
(NOK 1 = NOK 0.11613)
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Information of the company:
Address:
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Løvenvoldg 11
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City:
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Ålesund
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State/ZIP:
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(NO-6002)
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Country:
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Norway
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Phone:
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+47 70 11 86 00
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Fax:
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+47 70 11 86 80
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E-Mail:
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[email protected]
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