Seafood News Aquaculture

Codfarmers eyes substantial 2H increases  

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By SeafoodSource staff
24 August, 2012 - Oslo, Norway-based Cod Farmers on Thursday released its first-half financial results, which showed a steep decline in revenues as average prices dropped and export volumes increased.

The company plans to increase its harvest volumes substantially in the second half of the year, after harvesting only 1,541 metric tons (MT) during the first six months. Harvest volume is forecast to more than double at 4,100 MT for the remainder of the year.

Second-quarter revenues dropped to NOK 21.9 million (USD 3.7 million, EUR 3 million), down from NOK 36.8 million (USD 6.3 million, EUR 5 million) in the same quarter of 2011. However, the company’s 2011 generation fish are growing 30 percent faster than the average of previous generations.

The company, which noted whole fish prices for the first half of 2012 at NOK 26.90 (USD 4.60, EUR 3.68) per kilogram, expects better prices in the second half of the year.

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