Codfarmers reports higher revenues, lower EBIT in Q4

Farmed cod. (Photo Credit: Codfarmers)

 (NORWAY, 3/1/2013)

Codfarmers ASA has reported Q4 2012 revenues of NOK 39.6 million (EUR 5.3 million) against NOK 21.3 million (EUR 2.8 million) in Q4 2011, with a total harvest of 1,223 tonnes own production and 65 tonnes of external fish sold. The company’s EBIT was NOK -72.0 million (EUR -9.6 million) versus NOK -19.3 million (EUR -2.6 million) the year before.

Of the fish sold, 86 per cent of the volume produced was sold as whole fish and the remainder was sold as fillets, all with an average sales price of NOK 24.3 (EUR 3.25) per kg.

Before the report was released, the company said that it expected its Q4 earnings to be cut by NOK 48 million (EUR 6.4 million) due to depreciations in fixed assets, goodwill and biomass in the Group, and it was anticipated that the loss for that period would be NO...  (More Info)