Difficult 4Q, 2009 for Akva

Akva Group on Thursday announced its fourth-quarter results, including operating revenues of NOK 142.9 million (USD 23.8 million, EUR 17.6 million), down from NOK 191.8 million during the same period in 2008.

The Norwegian aquaculture technology company also posted a fourth-quarter loss of NOK 16.1 million, compared to a loss of NOK 9.7 million during the same period in 2008.

Overall in 2009, Akva recorded operating revenues of NOK 599.3 million (USD 100 million, EUR 74 million), down from NOK 866.5 million in 2008, and a loss of NOK 11.5 million (USD 1.9 million, EUR 1.4 million), compared to a gain of 52.7 million in 2008.

“Business volume continued at a low rate in the fourth quarter with correspondingly low underlying earnings. In addition to low business volume the results were severely affected by re-evaluation of projects, accounting adjustments and some other one-off items amounting in total to about NOK 18 million, of which around half of it is related to accounting adjustments,” said Akva in a statement. “Firm task have been implemented to secure improved project management operationally as well as financially going forward. The same applies regarding procedures on the accounting.”

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