Norwegian cod-farming company Norcod posted a 229 percent increase in revenue in Q3 2024, but its operating losses also widened in part due to a marine heat wave that killed off fish.
Norcod reported NOK 69 million (USD 6.2 million, EUR 5.8 million) in revenue in Q3 2024, up from NOK 21 million (USD 1.8 million, EUR 1.7 million) in Q3 2023. That revenue came as the company sold 1,348 metric tons (MT) of farmed cod in the quarter, up from 146 MT sold in Q3 2023.
The company’s revenue increases were contrasted by a similar increase in operating losses. Norcod reported an operating loss of NOK 73 million (USD 6.5 million, EUR 6.2 million) in the quarter, up from the NOK 40 million (USD 3.5 million, EUR 3.4 million) loss it posted in Q3 2023. That total is also up from the NOK 47 million (USD 4.2 million, EUR 4 million) operating loss that it posted in Q2 2024.
Those losses were in part thanks to a marine heat wave and unusually high temperatures.
“Extraordinary mortality related to these factors is quantified at NOK 23 million [USD 2 million, EUR 1.9 million] as a non-recurring item,” Norcod said.
The company said the higher temperatures pushed up costs and also caused complications in biomass growth for its farmed cod.
“This was challenging for Norcod and other fish farmers, with reduced feeding and consequently limited growth, as well as increased mortality,” the company said. “The situation led to a change in harvesting plans to ensure fish welfare, which in turn resulted in lower harvesting weight.”
Partially as a result of the mortality, the production cost at sea ...
