May 7, 2012

Norway's Cermaq faces weak Q1 2012 results
 

Generated by lower prices and reduced fish quality, Norway's Cermaq posted weak results in the first quarter of 2012.

It had a NOK129.50 million (US$22.54 million) loss before tax and a NOK108.3 million (US$18.5 million) operating loss. The revenues rose slightly from NOK2.3 billion (US$394 million) a year ago to NOK2.38 billion (US$407.6 million) in 2012. Its subsidiary Mainstream, with salmon production in Nordland and Finnmark, had a steep reduction in profit. In Finnmark, its profit declined from NOK102 million (US$17.5 million) to NOK1.3 million (US$223,000).

Norway's seafood exports amounted to NOK3.70 billion (US$643.95 million) in April 2012. This was 12% lower than the same period in 2011 and exports during the first four months of 2012 have dropped 6% compared to the same period in 2011. The decrease is among other things a result of a 30% drop in salmon prices in April. Trout exports have increased by NOK123 million (US$21 million) to NOK552 million (US$94.5 million) so far in 2012. Mackerel exports have also had a positive development whereas exports of herring and fresh cod have decreased.