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Havfisk increases profit increase in Q1

Gadus Njord vessel belonging to Havfisk. (Photo Credit: Havfisk)

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Friday, May 08, 2015, 01:30 (GMT + 9)

Havfisk ASA reported operating revenues of NOK 247 million (USD 32.8 million) in the first quarter 2015, which represents a 15.4 per cent increase from the same period last year (NOK 214 million/USD 28.4 million). This result was mainly attributed to higher prices for all fish species.
The firm also informed that EBITDA came to NOK 90 million (USD 11.9 million), representing an increase of NOK 22 million (USD 2.9 million) compared with the same period in 2014. The EBITDA margin grew from 32 per cent to 36 per cent.
“We are satisfied with the operations in the first quarter. Especially the saithe fishery has been better than previous years,” points out the firm’s CEO Webjørn Barstad.

“The positive price trend has continued also in the first quarter. Prices have increased for most species,” Barstad added.
Referring to volume, there was a decline in the cod and haddock caught in the quarter but the volume of saithe and other species increased compared with the first quarter in 2014.
The total harvested volume for the quarter included 37 per cent cod, 13 per cent haddock and 43 per cent saithe compared to 54 per cent cod, 14 per cent haddock and 29 per cent saithe in the corresponding period of 2014. Redfish, Greenland halibut and other species represent 6 per cent of the total volume during the quarter, compared with 3 per cent for the first quarter of 2014.
The firm also offered information on the Court ruling in the Glitnir Bank of Iceland case against Havfisk with regard to the interest rate, inflation and currency swap agreement the firm had signed with Glitnir in 2005. Havfisk had been unsuccessful in the first instance but appealed the judgement of the district court in Reykjavik in 2013. This year, the court ruled that Havfisk had the right to cancel the agreement in question in 2008 and Glitnir's entire claim against the firm was dismissed.

As to the outlook for this year, the firm managers feel confident it has a good quota basis for operation for the rest of the year.

“Havfisk has a good quota basis for 2015 and has used the first quarter to prioritize fishing for saithe. Only 19 per cent of the group's cod quota for 2015 was fished in the first quarter. This gives a good, stable basis for operation for the rest of the year,” the firm’s CEO concluded.


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