Stolt Sea Farms saw profits increase by USD 1 million (EUR 729,081) on strong caviar sales according to a report on the first quarter of 2014 from Stolt’s parent company, Stolt-Nielsen Limited.
Operating profits for Stolt Sea Farms for the period were USD 1.4 million (EUR 1.02 million), compared to USD 400,000 (EUR 291,645) in the fourth quarter of 2013. Operating revenues were USD 17.2 million (EUR 12.5 million), up from USD 15.6 million (EUR 11.4 million) in the fourth quarter of 2013, driven mainly by increased sales of caviar, consistent with seasonal demand.
The company said turbot revenues were also up on stronger volume, though prices edged lower in the first quarter, due to increased offerings from competitors clearing inventory due to production problems. Sole revenue was lower in the quarter as volume and prices were down due to smaller fish making up a large portion of sales.
Overall, Stolt-Nielsen’s net profit for the quarter was USD 18.5 million (EUR 13.5 million) with revenues of USD 516.7 million (EUR 376.7 million), down from USD 36.7 million (EUR 26.8 million) with revenues of USD 524.5 million (EUR 382.4 million), respectively, in the fourth quarter of 2013.
