Cermaq ASA on Thursday released its fourth-quarter results, including an EBIT (earnings before interest and taxes) of NOK 218.1 million (USD 36.4 million, EUR 26.9 million), compared to a loss of NOK 59.7 million during the same period in 2008.
The Norwegian fish feed and farmed fish producer reduced its net interest bearing debt by NOK 447.8 million in the fourth quarter, to NOK 1.8 billion (USD 300.2 million, EUR 222.2 million).
Cermaq attributed its improved fourth-quarter results mainly to strong market prices for farmed salmon.
“We are now seeing positive results of the measures we have focused on, and Cermaq is well positioned to improve further in 2010,” said Cermaq CEO Geir Isaksen.
“Farming operations in Chile is recovering according to plan, and Cermaq will continue investing there and further in Norway to strengthen the geographical balance in our supplies. EWOS continues to strengthen its highly regarded portfolio of well performing and differentiated products, and we see this as an important success factor for the increased market momentum,” added Isaksen. “Cermaq has high financial flexibility which allows for profitable growth.”
