Norwegian aquaculture and fish feed company, Cermaq ASA has reported a second quarter profit of NOK 81.4 million (€9.38 million). This compares to a loss of NOK 31.2 million in the same quarter last year. Higher profits were achieved in both the fish feed division (EWOS) and the salmon farming division (Mainstream).
The improvements in EWOS’s performance were put down to lower raw material costs whereas Mainstream had better results following lower losses in Chile than in 2008 and improved profits in Canada and Norway, due to better sales prices.
Cermaq’s operating revenue for the quarter was NOK 2,170.0 million, almost the same as for the same quarter in 2008, however this came from lower sales volumes of both fish and feed, which was compensated by higher sales prices for both commodities.
Cermaq’s CEO Geir Isaksen said: “I am pleased with the results, which show significant improvement for EWOS and also good results in Mainstream due to the strong market in the quarter. I am optimistic about the rest of 2009 and expect to see a continued improvement in operating performance for the group.”