Cermaq has registered a loss of NOK 35 in a fourth quarter EBIT. The result is further hit by exceptional costs of NOK 158 million related to ISA in the Chilean farming operation, and a negative EBIT impact of NOK 24 million in the Finnmark region in Norway related to diseased fish. The company said that the feed business improved the underlying margin, and the farming operations in Canada and the Nordland Region in Norway performed according to expectations.
It is said that the operating revenues were NOK 3 053.9 for the quarter (Q4 2007: NOK 2 221.9 million). The increase in revenues is mainly due to higher volumes and sales prices in EWOS. Revenues from Denofa, not consolidated in 2007, and higher prices in Mainstream also contributed to the higher revenue.
Cermaq CEO Geir Isaksen opined that the disease situation for the Atlantic salmon in Chile became worse than expected in Q4 2008, and has incurred heavy losses on Mainstream Chile. He also told that the losses will continue in Q1 this year, and we expect a negative result for Mainstream Chile also in 2009. New regulations and improved methods and routines will lead to better sanitary conditions in Chilean salmon farming going forward, but it will take a long time to rebuild the production, says Isaksen.
