Aker Seafoods on Friday announced it achieved significant improvement in operating profit during 2010, with EBITDA of NOK 250 million, up from NOK 192 million in 2009, representing the company’s best-ever result.
EBITDA for the fourth quarter of 2010 totaled NOK 42 million, down NOK 51 million from the same period in 2009. The company’s sales totaled NOK 702 million in the fourth quarter, down from NOK 727 million in 2009. The reduction is due to reduced production and a smaller output of fillet products.
“Viewed as a whole, 2010 was the best year we’ve ever had,” said Aker Seafoods CEO Thomas Farstad. “We made progress in Norway, but had a downturn in our international operations. Curing the fourth quarter, we experienced efficient harvesting and improved prices even though our quotas for the period were smaller than in 2009. The Norwegian processing business also achieved positive results in the quarter despite weak supplies of raw material.”
Looking forward, the company said it expects strong catches in 2011, with its quotas for cod and haddock increased by 23 percent and 24 percent, respectively. The company said it will strengthen its commitment to sales and market development but expects the margin position for seafood processing will remain demanding.
“The outlook for fishing is good, and we expect increased profitability in the harvesting segment during 2011. We’re enhancing the efficiency of our fleet while anticipating higher catch rates per operating day. Margins for seafood processing will remain demanding, but we’re confident of achieving an improvement through an increased commitment to market work and actions to improve operations,” added Farstad.
