The GenoMar Group on Wednesday unveiled its fourth-quarter results, including an operating loss of NOK 20.1 million, compared to an operating loss of NOK 4.2 million in the fourth quarter of 2009.
The tilapia producer attributed its difficult fourth quarter to “several operational setbacks,” including a high mortality rate from harvest to the processing facility, quality challenges and lower-than-expected production at its Malaysian operations; export prices failing to cover production costs; and flooding and inclement weather damaging its Chinese hatchery.
Despite the setbacks, GenoMar’s revenues increased from NOK 4.4 million in the fourth quarter of 2009 to NOK 9.9 million in the fourth quarter of 2010.
