Russia’s pollock harvesters are facing declining profitability and mounting debt as production costs soar and market conditions deteriorate amid western sanctions.
Over the past five years, pollock companies' gross revenues have climbed 24 percent, but production costs have increased 37 percent, resulting in a 12 percent decline in net income, Alexey Buglak, president of Russia’s Pollock Catchers Association (PCA), said at the Far Eastern Fishery Forum in Vladivostokin this week.
According to the PCA, a downward trend in the pollock industry caused by a number of factors, including the closure of many Western markets in retaliation for Russia's war in Ukraine, rising costs and other disruptions in global supply chains, is making it difficult for the companies to operate profitably.
