Norwegian fishing company Havfisk posted strong earnings in the first quarter of 2016.
Havfisk ASA’s operating revenue in the first quarter of this year totaled NOK 270 million (USD 32.8 million, EUR 29.1 million), an increase of NOK 23 million (USD 2.8 million, EUR 2.5 million) year-on-year. The Oslo Stock Exchange-listed fishing company also posted earnings before interest, taxes, depreciation and amortization (EBITDA) of NOK 95 million (USD 11.5 million, EUR 10.3 million), up NOK 5 million (USD 607,340; EUR 539,465). The improved figures reflect increased prices and higher catch rates of cod and haddock during the three-month period, the company said.
The harvest volume per operating day increased by 21 percent compared with Q1 2015, while the harvest value per operating day increased by 23 percent in the same period, the company said.
The last quarter also saw higher prices, a changed product mix and increased operating costs compared with the corresponding period of last year.
"Operations have been good during the quarter, with good harvest volumes and harvest value per operating day. We have had a great deal of maintenance however, which means fewer available vessel fishing days and higher maintenance costs than usual for the quarter," said Webjorn Barstad, CEO of Havfisk.
The total volume harvested by Havfisk in Q1 2016 was 16,169 metric tons (MT), an increase of 9 percent or 1,270 MT year-on-year. Of this, cod represented 43 percent of the catch, haddock 31 percent, saithe 22 percent and five percent other species.
It harvested 24 percent of its cod quota, 31 percent of its saithe quota and 42 percent of its haddock quota in the period.
Combined average prices for all species were two percent higher than in Q1 2015, with cod prices up by 12 percent and saithe two percent higher, while prices for haddock decreased by 33 percent compared. However, both cod and haddock prices were at the same level as Q4 2015.
Havfisk operates 10 trawlers and has 29.6 cod trawler licenses. In 2015, it had a sales turnover in excess of NOK 1.1 billion (USD 133.6 million, EUR 118.7 million).
