Record from Aker Seafood
Aker Seafoods achieved earnings before interest, tax, depreciation and amortization (EBITDA) of NOK 95 million for the first quarter of 2007, compared with NOK 67 million for the same period last year. This is an improvement of 42 percent. The business area processing doubled its operating profit compared to last year. - We are experiencing a continuously increased demand in Europe for our products, says CEO Yngve Myhre in Aker Seafoods ASA. For the first quarter 2007, Aker Seafoods` operating revenues totalled NOK 709 million, compared to NOK 605 million in the same period in 2006, which represents an increase of 17 percent. Overall, raw material prices for cod, saithe and haddock have increased by 18 percent since the first quarter of 2006, while frozen cod fillet prices increased by 30 percent and the price of fresh cod fillets increased by 15 percent. Aker Seafoods has improved its product mix and further reduced its share of block production. This results in profitability improvements. Simultaneously, the combat against illegal fishing is having a positive effect on the resource base and price increase in the market. - Aker Seafoods maintains and extends agreements with important key customers for 2007. We thereby expect results to continue to increase for the rest of the year as product mix continues to improve, demand continiously increase, as well as higher prices, Myhre adds. To meet the increased demand for whitefish from the company`s key customers, Aker Seafoods is looking at the opportunities for continued development of its collaboration with the coastal fishing fleet, increase purchases from external companies, and/or acquisition of further trawler quotas. Depreciation amounted to NOK 21 million for the first quarter of 2007, remaining unchanged from the first quarter of last year. Net financial items amounted to NOK 15 million in the first quarter, compared with NOK 11 million from the previous year. Profit before tax for the quarter was NOK 47 million, compared to NOK 35 million for the same period for the previous year.