Same volume, higher margins for Akva
Akva Group ASA on Thursday announced its third-quarter financial results, including operating revenues of NOK 226.7 million (USD 41.5 million, EUR 29.5 million), an increase of 6.8 percent over the same period in 2010. Third-quarter earnings were NOK 13.8 million (USD 2.5 million, EUR 1.8 million), up 2.1 percent.
The Norwegian aquaculture technology company reported overall business volume is “comparable to last year, but margins are significantly higher.”
Akva’s 3Q expenses were up 3.7 percent to NOK 2.6 million (USD 475,791, EUR 338,880), while net profit was down 1.5 percent to NOK 8.1 million.
The company reports uncertainty in regards to the effect low salmon prices in Norway will have, but business at its Chilean operations is expected to stay high through 2012. The 4Q typically has lower activity due to seasonality.