Better cod prices contributed to better results reported by Havfisk. (Photo: Havfisk/FIS)
Havfisk achieves good results, driven by higher prices and catches
(NORWAY, 2/23/2016)
Norwegian fishing and seafood processor Havfisk achieved good results in the fourth quarter of 2015, driven by better prices and higher catches of cod.
The company's sales increased by 15 per cent in the last three months of last year, to NOK 361 million (USD 42.1 million), compared with NOK 314 million (USD 36.7 million) in the same period of 2014.
EBITDA was NOK 142 million (USD 16.6 million), NOK 44 million (USD 5.1 million) more than in the same quarter last year, and the highest achieved so far by the company in a quarter.
For the full year 2015, total operating revenues of Havfisk reached NOK 1.13 billion (USD 132 million), a result which represents a growth of 7.8 per cent. EBITDA was NOK 403 million (USD 47.0 million) compared to NOK 299 million (USD 34.9 million) in 2014, thanks to higher prices and lower production costs.
Catch rates (catch volume per operating day) in the fourth quarter of 2015 decreased 2 per cent compared to the same period of 2014, but operating profit per day was 4 per cent higher.
“Havfisk has had good operations and favourable conditions throughout 2015. Both in the fourth quarter and for the full year the operating result are the highest in the company`s history,” CEO Webjørn Barstad summarizes.
The total volume harvested in the fourth quarter of 2015 was 16,786 tonnes, 2,617 more tonnes over the fourth quarter of 2014 or an increase of 18 per cent. This result was achieved due to greater catches of cod, haddock and other species.
The total harvested volume for the quarter included 77 per cent cod, 14 per cent haddock, 3 per cent saithe and 6 per cent other species (the corresponding figures for the fourth quarter of 2014 were 74 per cent cod, 16 per cent haddock, 4 per cent saithe and 6 per cent other fish species).
The quotas set for 2016 for cod are at the same level as 2015. For saithe north of 62 degrees, the quota is increased by 12 per cent, while the saithe quota in the North Sea is reduced by 20 per cent.
In addition, the haddock quota was increased by 23 per cent and for cod, it is a somewhat higher quota than previously forecast by the marine scientists.
Havfisk pointed out that demand for cod is good and the price of cod has seen a positive trend. After a considerable price correction in 2015, demand for haddock is now increasing and the market appears to have stabilised.
The company operates 10 trawlers and has 29.6 quotas for cod trawling, and has just entered into an agreement with Vard to build a new vessel. The contract value is approximately NOK 325 million (USD 37.9 million).
Related article:
- Havfisk commissions USD 37.9 million trawler
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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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More about:
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