Bakkafrost stabilizes in 3Q
Bakkafrost on Monday announced its third-quarter results, including an operational EBIT of DKK 70 million, up from DKK 47 million during the same quarter in 2010.
The Norwegian salmon farmer harvested 9,243 metric tons of salmon during the quarter, compared to 4,048 metric tons in 2010. Revenues reached DKK 369 million, up from DKK 178 million, and net earnings reached DKK 160 million, compared to DKK 66 million during the same period last year.
For the first nine months of 2011, Bakkafrost had operating revenue of DKK 924 million, up from DKK 568 million. The operating EBIT amounted to DKK 289 million, up from DKK 156 million, and the profit the first nine months in 2011 came to DKK 238 million, up from DKK 145 million. Bakkafrost harvested 22.8 metric tons of salmon the first nine months in 2011 and transferred 6.5 million smolt. The total harvest for 2011 is expected to reach 38,000 metric tons and a smolt transfer on 10 million smolt. Feed sales the first nine months of 2011 were 60,819 metric tons and are expected to reach 80,000 metric tons for the full year.
“We are satisfied with the results, as all segments have positive margins in a challenging quarter, where salmon prices decreased faster than anticipated,” said Bakkafrost CEO Regin Jacobsen. “The long-term contracts for VAP products proved our strategy. With the additional platform from the acquisition of Havsbrun, Bakkafrost has further strengthened its competitive advantages in the market. Already in this quarter these have started to materialize with the solid result in the fish meal, oil and feed segment.”