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Aker Seafood - 3Q Results 2006   25.10.2006 09:29:53
Flokkur: Afkomufréttir   Skuldabréfafréttir      Íslenska  English
 Aker Seafood Press Release.pdf
 Aker Seafood 3Q 2006.pdf
Third quarter 2006 – Improving operating margins

Third quarter 2006 – Improving operating margins

 

Oslo, October 25, 2006: Aker Seafoods achieved an EBITDA of NOK 35 million in the third quarter 2006, compared with NOK 25 million in third quarter 2005. Combined with higher whitefish prices, improved operations have contributed to increased operating margin in Aker Seafoods. Further improvements are expected in the fourth quarter of 2006 and in 2007.

 

Aker Seafoods achieved operating revenues of NOK 400 million for the third quarter 2006, compared with NOK 369 million in the same period of 2005, adjusted for the disposal of Nordic Group. This gave an increase in operating revenues of NOK 31 million in third quarter, and an improvement of NOK 11 million in EBITDA compared to third quarter 2005.

 

- We are pleased with the development in the operating margins in the third quarter. Increase in first hand whitefish prices entails higher operating income in the third quarter compared with the same period in 2005. In addition, good volumes of haddock have been harvested in the period. Processing has also achieved an improved product mix, which has yielded positive effects both in terms of operating revenues and profitability, says CEO Yngve Myhre in Aker Seafoods ASA. Achived improvements in product-mix, combined with Aker Seafoods’ launch of own local brands and private label products, further strengthen our expectations of further improvements in processing profitability, Myhre continues.

 

The increase in first-hand prices for whitefish has had a positive effect on harvesting profitability. In processing, the increased costs for raw material have put pressure on profitability. The pressure has weakened somewhat in the third quarter, as acceptance for price adjustments among the company’s customers have started to take effect. However, Aker Seafoods has not been able to fully secure compensation for the higher costs of raw material in the frozen fish segment, especially since there still is supply of cheap cod filets from China.

 

Depreciation amounted to NOK 23 million, compared with NOK 20 million in the third quarter 2005. Net financial items amounted to NOK 13 million in the third quarter, compared with NOK 11 million in the third quarter 2005. Pre-tax profit in the quarter was NOK -2 million, compared with NOK -6 million in the same period last year.

 

Tax benefits, which have not been included in the balance sheet, have been entered as income in the third quarter. These are tax benefits primarily related to parts of the group’s deferred losses. This income entry yields a positive effect on tax of NOK 42 million, and a positive tax income of NOK 39 million as of 30 September 2006.

 

For further information, please contact:

 

Yngve Myhre, CEO Aker Seafoods ASA. Telephone 24 13 01 60

 

Bent Skisaker, CFO, Aker Seafoods ASA. Telephone 24 13 01 60

 


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