Jon Hindar not happy with Cermaq's Q3 results, particularly in Chile
SEAFOODNEWS.COM [SCOM] - October 28, 2014 -
For the third quater Cermaq posted a negative EBIT pre fair value and non-recurring items of NOK 39 million in the third quarter of 2014, compared to a positive EBIT of NOK 113 million in the corresponding quarter of 2013.
Q3 results showed lower prices in all three of Cermaq's farming regions and a decline in operating results in all regions compared to last year.
Group volumes sold in third quarter were 34 thousand tonnes, some 6 thousand tonnes below estimate in the Q2
report mainly due to effects of Russian import embargo and market timing. Expected sales volume for 2014 is 151 thousand tonnes.
Jon Hindar said, "We are definitely not satisfied with the financial results this quarter. Beyond reduced prices in all regions from Q2 and significantly lower volumes in Norway and Canada, the disappointment is mainly linked to a continued high cost level for Atlantics and trout in Chile...
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