Aker Seafoods ASA on Wednesday announced its third-quarter results, including a 125 percent increase in its operating income.
In the third quarter of 2011, the Norwegian company achieved an EBIT of 18 NOK million, up from NOK 8 million kroner in the third quarter of 2010, and sales of NOK 705 million, compared to NOK 681 million in 2010. The strong performance stems from a record catch volume in the third quarter.
“We have never harvested this much in one quarter, and we are delighted about the new record. The harvesting segment is more efficient than ever and the prices are better,” said Aker CEO Thomas Farstad.
However, Norway Seafoods, Aker’s processing and marketing arm, slipped further into the red, reporting operating losses for its processing facilities of NOK 11 million in Norway and NOK 10 million in France.
“Norway Seafoods experienced increasing challenges due to weaker demand for the company’s products and a too high cost base,” said Farstad.
Norway Seafoods needs to face a challenging market while reducing its costs to ensure profitability. “We experience that consumers are searching for more affordable food solutions. We are now in a process to meet this demanding situation,” said Farstad.
