Better numbers in 4Q 2013 for Stolt Sea Farms are boosting optimistic projections for the Norwegian company in the months to come, according to a report on 4Q and the whole of 2013 from Stolt's parent company, Stolt-Nielsen Limited.
According to the report, Stolt Sea Farms reported an operating profit of USD 0.4 million (EUR 0.3 million) with break-even operating results, an improvement from the USD -1.3 million in Q3.
"Stolt Sea Farm's operating results were up slightly in the quarter due to better size distribution of fish sold and less fish harvested by our competition," said Niels Stolt-Nielsen, CEO of Stolt-Nielsen Limited. "We expect growth in earnings from Stolt Sea Farm in 2014 as more turbot will be harvested following our Acuidoro acquisition and as our sole farm in Iceland starts harvesting the first of its fish in the second half of the year."
Overall, the company showed a 4Q net profit of USD 36.7 million (EUR 27 million), compared to USD 21.8 million (EUR 16.1 million) in Q3. Revenue was also up, recorded at USD 524.5 million (EUR 386.3 million) compared to USD 521.8 million (EUR 384.3 million) in Q3.
For the year, the company recorded a net profit of USD 85.8 million (EUR 63.2 million), compared to USD 70.2 million (EUR 51.7 million) in 2012, and revenues of USD 2.09 million (EUR 1.5 million) compared to USD 2.07 million (EUR 1.5 million) in 2012. Stolt-Nielsen, however, credited the company's tanker division, not seafood.
