Strong 1Q for Faeroe’s No. 1 salmon farmer
Faroese salmon farmer Bakkafrost on Tuesday reported a strong first quarter, including a DKK 42 million increase in operational EBIT to DKK 92 million and a DKK 50 million increase in revenues to DKK 240 million, compared to the same period last year.
The company credited its first-quarter results to “continuing sustainable biological operation” and high salmon prices.
Bakkafrost harvested 5,600 metric tons of salmon (gutted weight) in the first quarter, down from 5,744 metric tons in 2010. The company accounted for 56 percent of the 9,750 metric of farmed fish (gutted weight) exported by the Faeroe Islands in the first quarter.
In April, the company announced that it agreed to acquire fish feed producer Havsbrun for DKK 1.1 billion.
“We are satisfied with the result for the quarter. The biological situation is good, and the salmon prices have been high,” said CEO Bakkafrost Regin Jacobsen. “The outlook is promising, with increased production and a significant share of the harvest for 2011 already sold on satisfying long term contracts.”