Bright start for Bakkafrost Published: 02 June, 2014
BAKKAFROST, the largest farmed salmon producer in the Faroe Islands, has revealed a strong start to 2014 with earnings before tax and interest (EBIT of 185.5 million Danish kroners (DKK) for the first three months of the year.
The combined farming and VAP segment made an operational EBIT of DKK 176.6 million, while the EBIT for the feed segment was DKK 22.2-million.
Commenting on the results, CEO Regin Jacobsen said: Q1 2014 is the quarter where Bakkafrost has had the highest margins per kg since the listing of the company in 2010.
The result is based on a good biology and a strong salmon market. Bakkafrost´s focus is on maintaining the good biology and selling the products to the best long-term paying markets.
The Group made a profit for the quarter of DKK 87.2 million compared with DKK 67.5 million) for the same period last year.
The total volumes harvested in Q1 2014 were 9,269 tonnes gutted weight (8,296 tgw), an increase of 11.7 per cent.
Bakkafrost transferred 3 million smolts in Q1 2014 (2.1 million). Due to the favourable seawater temperatures in the Faroes, Bakkafrost releases smolts during the whole year.
In Q1 2014 its associated company P/F Faroe Farming harvested 2,166 tonnes gutted weight (2,355 tgw).
The company announced that in April Bakkafrost via its 100 per cent-owned subsidiary Havsbrún acquired an additional 41.15 per cent in Hanstholm Fiskemelsfabrik.
In February it was reported that a routine surveillance test detected a possible pathogenic ISA-virus at Bakkafrosts farming site A-80.
The company said the detection was not connected to any increase in mortality, and there was no impact on fish health or fish welfare.
Bakkafrost has now decided to activate the ISA-contingency plan immediately and hence enforced slaughtering of the last cage at the farming site A-80 Selatrað.
The site was empty before mid-February.
No signs of ISA have been detected since and no cost increase was related to the detection, it added.
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