May 7, 2012

Aker Seafoods sees EBIT decline in Q1
 

Aker Seafoods achieved an operating result (EBIT) of NOK 50 million (US$8.6 million) -- compared to the first quarter in 2011.
 

EBITDA in Q1 2012 was NOK 70 million (US$12 million), compared to a year ago, mainly due to increased maintenance costs.
 

Turnover came to NOK 241 million (US$41.3 million), up by NOK 8 million (US$1.4 million), compared to Q1 2011, mainly due to good cod and haddock fishing.
 

The shares in Norway Seafoods Group in January was distributed to the shareholders in Aker Seafoods, which is after the transaction confined solely to harvesting and operates 11 trawlers with related licenses.
 

"We are satisfied with the results in the first quarter," said Aker CEO Olav Holst-Dyrnes. "The availability of cod and haddock has been good with high catch rates. The fishing for saithe has been challenging with lower catch rates, however the prices for saithe has been high in the beginning of the year."
 

In the first quarter, Aker Seafoods harvested more cod and haddock but less saithe than in the first quarter 2011.
 

"The good availability of cod and haddock are expected to continue throughout the year, while the availability of saithe is expected to be challenging also the rest of the year," said Holst-Dyrnes.
 

According to the Institute of Marine Research, the outlook for cod quotas is also positive though a reduction in the quotas for haddock is expected in the coming years.
 

Net interest-bearing debt was NOK 703 million (US$121 million) at the end of the first quarter 2012.
 

Aker Seafoods had a total equity of NOK 885 million (US$152 million) by the end of the first quarter 2012.
 
Aker Seafoods has initiated actions to grow. One important action is the contraction of three new trawlers for delivery in 2013 and 2014; the building of the trawlers is progressing according to plan.