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Norweigen Codfarmers See Profits Sink

NORWAY - Norwegian aquaculture group Codfarmers ASA published its third quarter financials yesterday, posting an operating loss (EBIT) of NOK44.46m, as compared to a loss of NOK5.63m in the third quarter of 2007.

The loss reflects extraordinary write-downs of biomass and provision loss relating to the bankruptcy of the juvenile cod supplier Marin Invest AS.

Revenues for the quarter amounted to NOK25.36m, up from NOK15.46m in the third quarter last year.

Earnings per share amounted to a loss of NOK2.27, as compared to a loss of NOK0.33 in the third quarter last year.