Fishing company says cod prices on the up –

Fishing company says cod prices on the up Published:  07 May, 2014

JUST days after announcing a positive annual performance for 2013, the Norwegian fishing company Havfisk  has revealed that the trend for this year is continuing in the same manner, thanks in part to rising cod  prices.

The company has announced  an operating profit of 68-million Norwegian kroners (NOK) for the first quarter of 2014, an increase of NOK 27-million for the corresponding  period last year. Operating revenues for the period were up by NOK 42-million to NOK 214 million.The income per operating day is 15 per cent higher in the first quarter than for the corresponding period last year.This is due to a record high volume in a first quarter, higher prices and more operating days. The catch rate (harvested volume per operating day) is two per cent lower compared to the same period in 2013. The total catch volume is increased by 20 per cent in the first quarter compared to the same period last year.  Cash flow from operating activities came to NOK 30 million in the first quarter compared to NOK 19 million in the same period in 2012.CEO Olav Holst-Dyrnes said in an upbeat  message:.  “We are satisfied with the operations and we have fished a record high volume in a first quarter. EBITDA and the income per operating day have increased compared to the same period in 2013.He added:  “The positive price trend has continued in the first quarter. The prices are still very good for haddock, and are increasing for cod and saithe this quarter.” The company (formerly Aker Seafoods until a year ago)  has been  modernising its fishing fleet with  three new  build trawlers which are now in operation. The final trawler in the series , Gadus Neptune, was delivered in February.

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