EWOS earnings drop 20 percent
By SeafoodSource staff
Published on 19 December, 2013
Operating revenues for feed producer EWOS for the first nine months of 2013 ended up at NOK 7.9 billion, up 7.1 percent compared to the same time period in 2012. For the third quarter of the year, operating revenues totaled NOK 3.5 billion, also up 4 percent compared to the third quarter of last year.
However, EBITDA decreased by 20.8 percent for the first nine months of the year, to NOK 500 million, while third quarter EBITDA fell by 35 percent to NOK 239.9 million.
The company attributed the decline to a drop in sales volume in almost all of the major markets for salmon feed.
“At a group level EWOS delivered strong revenues for the first nine months of 2013, significantly higher than the same period in 2012. Our operating result was lower than the first nine months of 2012 due to volume loss and therefore higher costs per [metric ton],” said Einar Wathne, EWOS CEO.
“The market in Norway declined for the first time in several years due to colder water temperatures in the first half of the year impacting the total market. EWOS also experienced unforeseen lower purchasing volumes from a leasing customer.”
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