Krill harvesting firm Aker BioMarine reported a 15 percent increase in earnings for the third quarter of this year driven by "improved onshore production performance and various cost and optimization initiatives."
Adjusted earnings before interest, tax, depreciation and amortization was $26.8 million (€22.9 million).
The group's revenues increased 2 percent year-on-year to $70.2 million (€60 million) due to lower product availability and regulatory changes in South Korea, the company said.
Aker BioMarine harvested a total of 8,728 metric tons in the period, down 31 percent year-on-year as the company struggled with technical issues on its Antarctic Endurance vessel and ice challenges.
The krill giant is expecting to harvest 6,500 to 7,500 metric tons in the fourth quarter, with Antarctic Endurance at full capacity, up from 62 percent in 2020.
The company recently secured Marine Stewardship Council (MSC) re-certification for the third year in a row, signifying that its krill fishery is sustainable under the eco-label certifier guidelines.
Kjell Inge Røkke-controlled Aker Biomarine was listed on the Oslo Stock Exchange's Merkur Market this summer with a market value of NOK 9.2 billion (€989.1 million/$843.6 million), becoming the largest new listing so far this year.
The company is planning to list on Oslo Stock Exchange's main list early in 2021, according to its recent recent report.