Cermaq reports "satisfactory" 4Q


SeafoodSource staff

Published on
February 11, 2014
A recovery of Chilean stocks and higher salmon prices gave Norwegian aquaculture giant Cermaq a boost to its 4Q, according to the company's latest report.

Numbers all around appear to be up over the same quarter 2012, with 4Q 2013 earnings before interest and taxes (EBIT) totaling NOK 214 million (USD 35 million, EUR 25.6 million), an increase over the NOK -173 million (USD -28.3 million, EUR -20.7 million) in 4Q 2012.

"This is our first quarter as a pure salmon farmer after having closed the sales transaction for EWOS in October," said CEO Jon Hindar. "I am encouraged by the enthusiasm the organization shows in focusing on developing the farming business further, and by the improved management structure achieved by including the regional operational management in the group management team."

The company credited higher salmon prices overall with the increase, but also noted improvements in Chile. After six consecutive quarters of losses, the company's division in Chile reported an EBIT of NOK 86 million (USD 14.1 million, EUR 10.3 million) in 4Q 2013. Reports of volumes sold increased from 24,600 metric tons (MT) to 25,900 MT. The company reported improvements in levels of sea lice and other conditions in the stocks.

"Norway and Canada presented good results, and so did the Coho specie in Chile," Hindar said. "Atlantics and trout in Chile are still weak, but both species produced positive earnings and good improvement in margins compared to third quarter 2013 as well as fourth quarter 2012."

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