Aker Seafoods on Tuesday released its financial results for the first half of this year.
The Oslo, Norway-based company expanded production of fresh seafood products in Norway by 38 percent compared to the same period last year. It also increased sales of fresh seafood products in France and Demark.
However, Aker’s operating revenues dropped to NOK 1.3 billion (USD 212 million, EUR 150 million), compared to NOK 1.5 billion (USD 245 million, EUR 173 million) in 2008. The company attributed the decline to reduced demand in Norway and lower whitefish prices. The company’s EBITDA increased to NOK 106 million (USD 17 million, EUR 12.3 million), compared to NOK 134 million (USD 22.9 million, EUR 15.5 million) last year.
Despite an increase in the harvest volume, the company’s sales fell 18 percent, partially due to lower cod prices.
“In the first half of 2009, we focused more on harvesting of saithe and haddock and less on harvesting of cod. We have no less than 55 percent of our cod quota left, which provides a good basis for operations for the rest of the year,” said Aker CEO Yngve Myhre.
“In the first half of 2009, Aker Seafoods has strengthened its sales position, especially in France,” said Myhre. “Consumption of fresh cod in France rose 52 percent in the first five months of 2009, while statistics from the Norwegian Seafood Export Council shows that the total value was up 34.6 percent.”
