Cermaq weak in ‘challenging’ 3Q
Norwegian fish farmer Cermaq reported negative earnings in 3Q 2014, but despite this
“I'm confident that Cermaq as a part of Mitsubishi Corporation will be well positioned to grow and also benefit from the strengths and expertise of Mitsubishi Corporation,”
The company recorded earnings before interest and taxes (EBIT) as NOK -39 million (USD -5.9 million, EUR -4.6 million), compared to NOK 113 million (USD 17 million, EUR 13.4 million) recorded in the same quarter in 2013. The company’s earnings in Chile totaled NOK -84 million (USD -12.7 million, EUR -10 million) compared to NOK -1 million (USD -150,736, EUR -118,696) the previous year. In
“We are definitely not satisfied with the financial results this quarter,”
The company pointed to salmon
Mitsubishi made an offer to buy out Cermaq back in September, and earlier this month a commanding number of shareholders accepted.
“The takeover by Mitsubishi will create the second largest salmonid farmer globally, and significantly strengthen Cermaq's resource base, downstream capacity and market access in the