Aker 3Q volume up, prices down

Drops in prices this year meant that Norway’s Aker Seafoods earnings in third quarter of this year dropped compared to 2011, despite the company’s catch volume being the second highest in company history.

The company’s third quarter EBIT was NOK 36 million (USD 6.3 million, EUR 4.9 million), which is down from NOK 39 million (USD 6.9 million, EUR 5.3 million) in third quarter of 2011. The EBIT margin was 21.2 percent compared to 16.4 percent in the same period in 2011. EBITDA was NOK 29 million (USD 5.1 million, EUR 3.9 million) compared to NOK 59 million (USD 10.3 million, EUR 8 million) last year. Operating revenues also dropped to NOK 171 million (USD 30.1 million, EUR 23.3 million), a difference of NOK 65 million (USD 11.4 million, EUR 8.8 million) from the third quarter of 2011.

Catch volumes, however, are up, according to the report. The third quarter volumes were 19 percent lower than last year’s volumes during the same time period, but in 2012 the company had the second highest volume in a third quarter in the company’s history.

Despite this, operating revenues were down compared to 2011, from NOK 236 million (USD 41.5 million, EUR 32.1 million) to NOK 171 million (USD 30.1 million, EUR 23.3 million). The report cited lower prices and smaller harvested volume this quarter compared to last year as the cause.

“Operations have been strong and the catch efficiency is at a high level, said CEO Olav Holst-Dyrnes. “The market situation considered, the result achieved in the quarter is acceptable.”

Holst-Dyrnes said he is optimistic about 2013, as the cod quota will be going up to 1 million metric tons.

“An increase in the cod quota in 2013 is positive for Aker Seafoods whereas cod is our most important source of income,” Holst-Dyrnes said.


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