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Heavy losses for Icelandic salmon farming firm

Low sea water temperatures and rough conditions combined to contribute to a tough start to the year for Arnalax, Iceland’s largest producer of Atlantic salmon.

The company’s Q1 report, published today, revleas that they: “… experienced an unusually high mortality rate caused by the handling of fish when sea temperatures in Iceland were extremely low. Further handling mortality occurred in connection with the relocation of fish after one of the company’s net pens was damaged in a storm.”

As a result of these incidents, operational EBIT for the period came to NOK -40.2 million, which corresponds to an EBIT per kg of NOK -15.65. In the previous quarter, Arnarlax achieved an operational EBIT of NOK 4.3 million, corresponding to an EBIT per kg of NOK 1.35.

Overall, the company harvested around 2,600 tonnes of salmon, compared with 2,000 tonnes in the same period last year. Gross operating revenues were NOK 139.8 million, compared with NOK 146.2 million in the corresponding period in 2017. Meanwhile, the company has reduced its harvest forecast for the year to around 8,000 tonnes – down from 10,000. 

Rob Fletcher

Rob Fletcher

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