Aker Seafood announces higher third quarter profits – Fishupdate.com

Aker Seafood announces higher third quarter profits Published:  03 November, 2011

AKER Seafoods has announced an operating profit of 18 million kroners in the third quarter 2011, an increase of ten million kroners over the same period last year.

It was also a good period for the fleet which caught a record high volume in the third quarter. Norway Seafoods, the processing and marketing company, experienced an operating loss for the processing facilities in Norway of 11 million kroner and a 10 million kroner operating loss in France.Sales for Aker Seafoods came to 705 million kroners in the third quarter 2011, compared to 681 million kroners in the same period 2010. Sales of whole fish increased due to higher prices and increased volume, while the sales of processed products were almost unchanged.The company said it never harvested this much in one quarter, adding that it was delighted with the new record. “The harvesting segment is more efficient than ever and the prices are better,” said Thomas Farstad, chief executive of Aker Seafoods ASA. Norway Seafoods experienced increasing challenges due to weaker demand for the company’s products and a too high cost base, says Farstad.The outlook for the rest of the year is good and Mr Farstad said Aker was well placed for the future.Some of the financial details for Aker Seafoods third quarter are: profit before financial items (EBIT) for the quarter came to 18 million kroners. EBIT-margin was 2.2 per cent in the third quarter, compared to 1.1 per cent at the same period last year. Earnings per share in the quarter were 0.01 (-0.12). Cash flow from operations was 11 million kroners (14 million kroners).