NTS doubles revenue but reports fish farming losses

Frøygruppen's Frøy Valkyrien

NTS ASA, the integrated aquaculture and aquaculture industry services group more than doubled its operating revenues during the final quarter of 2020, the company disclosed today.
Its fish farming activities turned in a deficit, however, again a victim of lower prices resulting from the coronavirus pandemic.
NTS main business areas include aquaculture, shipping and service vessels, but aquaculture represents a relatively small proportion of the group’s business.
Revenues totalled NOK 485m (£40.5m) against NOK 237m (£19m) in Q4 2019. This jump in earnings was mainly due to a merger with the shipping company Frøygruppen AS.
Towards the end of the last year, Frøygruppen entered into an initial five-year chartering agreement with Cermaq Norway for a 6,000 cubic metre wellboat.
NTS ASA also pointed out in, its Q4 report, that the group is involved in a number of other important deals, mainly through its support and shipping businesses.
NTS is the owner of a number of farming licences and processing facilities through the Midt-Norsk Havbruk (MNH) side of the business. It is also a major shareholder in Norway Royal Salmon.
The MNH salmon farming division produced a total harvest of 3,108 tonnes during the quarter, slightly up on the previous year.
But the low price of salmon during the last few months of 2020 resulted in an average loss of NOK 1.18 per kilo.
The company announced in November that it was selling its holding in the Iceland based salmon and char farmer, Ice Fish Farm, which performed reasonably well during the period.
A decision on whether to pay a dividend will be made later.