Revenues down for Copeinca

Revenue per ton was USD 857 in H1'09, down 14.21% from USD 999 in H1'08. Operating profit was USD 10.5 million in the first half of 2009 compared to the operating profit of USD 19.1 million for the same period in 2008.

Cost of goods sold (COGS) as of H1'09 was USD 73 million (USD 608/MT) down from USD 90.4 million (USD 667/MT) in the corresponding period of 2008 due to changes in raw material cost, ban period expenses and other expenses.

In the second quarter 2009, COPEINCA ASA achieved an EBITDA of USD 21.4 million on revenues of USD 61.2 million. The corresponding figures for 2008 were USD 26.3 million and USD 67.3 million, respectively. Revenue per ton was USD 888 during the second quarter 2009 and USD 1,100 in the same period in 2008.

COPEINCA finished its first fishing season with ITQ, and it processed 15.44% of the quota (3,420,000 MT) under the new system. During the season COPEINCA produced 120,000 MT of fishmeal and 30,500 MT of fish oil (5.81% yield).