A second quarter loss of €252,000 posted by HB Grandi has been described as ‘unacceptable’ by the company’s new managing director and largest shareholder. The figures have been published as part of the company’s quarterly report.
Managing director Guðmundur Kristjánsson emerged as the company’s largest shareholder earlier this year after two of HB Grandi’s shareholders sold their holding. As well as becoming the largest shareholder, he took over as managing director as longstanding MD Vilhjálmur Vilhjálmsson stepped down.
‘HB Grandi’s financial loss in the second quarter is unacceptable. The reasons include the high exchange rate of the Icelandic króna, which reduced the profitability of fish production,’ he said.
‘Catch levies do not take into account the profitability of individual species, as the basis of the catch levy is the sector’s profitability in 2015,’ he said, commenting that there are opportunities to improve the company’s operations.
‘Catches can be increased with higher quotas and profitability can be improved with changes to vessels and the fleet,’ Guðmundur Kristjánsson said. ‘We are looking at investments in production and equipment that should have a positive effect on operations. We are also looking at increased co-operation in marketing and sales, and even in investment in overseas sales companies.’
