The latest 4Q report from fish farmer Grieg Seafood ASA shows volumes have increased in Norway, but the company experienced “extraordinarily weaker results” in its U.K. and Canadian operations.
The company’s total Earnings Before Interest and Taxes (EBITDA) for 4Q was NOK -97.8 million USD -17.6 million, EUR -13.2 million), compared to NOK 439,000 (USD 79,182, EUR 59,319) in the same quarter of 2011. In total, the company reported a net loss of NOK 31.9 million (USD 5.8 million, EUR 4.3 million), compared to a net profit of NOK 42.5 million (USD 7.7 million, EUR 5.7 million) reported in 4Q 2011. The company blamed much of the losses on major disease problems at its U.K. and Canadian plants, which cut into volumes there.
The negative numbers include a write-down of NOK 45 million (USD 8.1 million, EUR 6.1 million) at the company’s Shetland plant in the U.K., and a NOK 43 million (USD 7.8 million, EUR 5.8 million) write-down from its plant in British Columbia, Canada.
At home, the Norwegian company fared better, with harvest volume at its Rogaland facility for 4Q at 5,335 metric tons (MT), an increase from the 4,064 MT recorded for 4Q 2011. The company also reported sales revenues there were up, from NOK 114,253 (USD 20,611, EUR 15,435) in 4Q 2011 to 155,518 (USD 18,063, EUR 21,010) in 2012.
Looking forward, the company indicated “actions and improvements” are being put in place in Shetland and British Columbia to prevent future disease outbreaks. The company also predicted “a more favorable price and market outlook for 2013 and 2014.”
