Finance

See all articles

Norwegian salmon exporter's profit slumps 42%

Turnover was slightly up year-on-year. 

Norwegian exporter Platina Seafood reported a drop in profit in fiscal year 2016, however, Owner Andre Skarbø said he was nevertheless "very pleased" with the result. 

Turnover amounted to NOK 669 million (€70.6 million/$78.7 million), up nearly 2 percent year-on-year, while operating profit declined 42 percent to NOK 16.6 million (€1.8 million/$2 million).

"The board is very pleased with the operations and the result for 2016," Skarbø wrote in the annual report. He is the owner, general manager and chairman at the firm. 

In addition to a salary and bonus of NOK 2.2 million (€232,008/$258,775), as well as a company plan scheme worth NOK 236,000 (€24,888/$27,760), he granted a dividend of NOK 4 million (€421,832/$470,500).

Platina Seafood's equity at the end of the year amounted to NOK 43.2 million (€4.6 million/$5.1 million). The company had no long-term debt.

Platina Seafood also has a sales office in Miami, owned by Atlantic Sapphire CEO Johan Andreassen. 

According to Atlantic Sapphire, Platinum Seafood currently owns 1.4 percent of the group ahead of the planned private placement

Key results Platina Seafood (figures in million NOK)

2016 2015 YOY Change
Turnover 669. 656.5 1.9%
Operating profit 16.6 28.6 -42%
Result before taxes 13.2 37.2 -64.5%
Net profit 10 26.9 -62.8%
Operating margin 2.5% 4.4% -43%

---

For more seafood news and updates, follow us on Facebook and Twitter or sign up for our daily newsletter