Lack of investment hurts Akva’s 3Q
Akva Group on Wednesday reported third-quarter operating revenues of NOK 139.8 million (USD 25.1 million, EUR 16.7 million) and EBITDA (earnings before interest, taxes, depreciation and amortization) of NOK 7.4 million (USD 1.3 million, EUR 884,400), down 33 percent and 59 percent, respectively, from the same period last year.
The Norwegian aquaculture technology company attributed its lackluster third quarter to a lack of investment in the farmed salmon industry, which is experiencing tighter profit margins.
However, Akva said in the fourth quarter it will put to use a NOK 30 million (USD 5.4 million, EUR 3.6 million) loan from Innovation Norway to strengthen the company’s financing.
Akva also announced on Wednesday that it completed the merger of its wholly owned subsidiaries Idema Aqua AS and Maritech International AS.
Akva completed the sale of the none-core activities in Surefish in the United States and Wavemaster Net Services Ltd. in Canada in September and November, respectively.