Increased costs hurt Aker’s 2Q earnings
Despite strong catch rates, Aker Seafoods announced a year-on-year decrease to NOK 17 million in its second quarter 2012 earnings, down from NOK 29 million.
Catch rates increased 7 percent compared to the same period in 2011. The total catch volume is the highest in any second quarter in the history of the company. However, market prices have decreased, while operating costs, especially fuel costs, are higher.
Revenues come to NOK 197 million in the quarter, compared to NOK 192 million during the same period last year. The increase is credited to good cod and haddock fishing in the second quarter. The company expects the availability of cod and haddock to continue on a positive trend throughout the year.
“The market situation considered, the results achieved in the quarter are good,” said Olav Holst-Dymes, Aker Seafoods CEO. “The good availability of cod and haddock are expected to continue throughout the year. The preliminary quota advice for 2013, with an increase of the cod quota of 25 percen,t is also positive. There are still great economic challenges in important markets in Europe and therefore uncertainly regarding demand and prices.”