Codfarmers ASA pretax loss expands in Q3

Norwegian aquaculture company Codfarmers ASA saw its pretax loss widen to NOK55 million (US$9.83 million) in the third quarter of 2009, from NOK46.2 million a year earlier.  

According to reports, Codfarmers also said its operating loss before fair value adjustment of the biomass, expanded to NOK12.5 million in July-September 2009 from NOK9.2 million in the corresponding period of 2008. 

The operating revenue shrank to NOK17.2 million from NOK26.4 million. The company wrote down the value of the biomass by NOK25 million. 

Codfarmers had a total harvest of 514 tonnes of own production and 372 tonnes were harvested and sold for external producers in the reported period.

US$1 = NOK5.59 (Nov 23)