AKVA loses profitability despite increased orders
Klepp, Norway-based aquaculture services and equipment provider AKVA Group posted a net loss of NOK 93 million (USD 8.9 million, EUR 9.1 million) in the third quarter of 2022.
AKVA received orders totaling NOK 650 million (USD 62 million, EUR 63.3 million) in Q3 2022, representing a year-over-year increase of NOK 34 million (USD 3.2 million, EUR 3.3 million). It also recorded an order backlog of NOK 1.6 billion (USD 152.6 million, EUR 155.9 million) at the end of September 2022.
According to AKVA’s quarterly financial report, the group experienced challenging profit margins due to high inflation, rising costs, and global supply chain restrictions, intensified due to the war between Ukraine and Russia, with the conflict responsible for ...
Photo courtesy of AKVA Group