Norway Pelagic has completed 4th quarter with record high production and capacity utilization, based on strong increase in the quotas of NVG herring. The demand for pelagic fish is still strong and good margins and results have been achieved despite of turbulent surroundings. However, more difficult framework conditions for customers in key markets have given lower turnover and build-up of stock.
The group’s operating revenues in 4th quarter were MNOK 1.115,2 compared with MNOK 996,8 last year. Operating result was MNOK 131,7 compared with MNOK 94,3 last year. Result before tax was MNOK 53,2 compared with MNOK 66,0 last year. The group’s total net operating revenues for 2008 were MNOK 2.243,3 compared with MNOK 1.118,3 last year. Operating result was MNOK 165,6 compared with MNOK 76,0 last year. Result before tax was MNOK 83,9 compared with MNOK 66,3 last year. The figures for last year only apply to the 2nd half-year.
”We believe that demand for less pricey and healthy proteins from herring will be strong, and not be especially dependent on economic cycles”, comments CEO Gunnar Domstein. “Norway Pelagic has a growth strategy for herring products and the letter of intent for merger with Fryseriet in Lødingen, yields exiting development opportunities.”
