Akva remains positive despite 1Q losses
Norwegian aquaculture technology firm Akva posted 1Q revenue and earnings figures this week that are lower than 1Q 2012, yet executives remain positive about the remainder of the year.
According to Akva’s numbers, the group had revenues of NOK 222.1 million (USD million, EUR million), which is down from the NOK 243.7 million (USD 37.5 million, EUR 29.5 million) recorded in 1Q last year. Earnings before interest, dividends, taxes and acquisitions were also down, from NOK 39.7 million (USD 6.8 million, EUR 5.3 million) last year to NOK 10.4 million (USD 1.8 million, EUR 1.4 million) in the first quarter of 2013.
"There has been strong growth in Nordic market with improved top line and earnings in Q1,” said Trond WIlliksen, Akva CEO. “At the same time there has been reduced top line and earnings in Chile, Canada and Scotland. Overall, the underlying operational performance is in line with Q1 2012.”
The company said for cage-based technology, the losses in Chile were expected, and caused by low prices on salmon, trout and coho.
Land-based technology, however, improved significantly in the first quarter, with improved margins and a reduced cost base, and Akva expects its acquisition of Plastsveis in March 2013 to further improve that division. New orders, the company said, were also up at the end of 1Q compared to 2012.
“We maintain our positive outlook in the Nordic market for the coming quarters,” Akva said in a statement.