Icelandic salmon farmer Ice Fish Farm reported operating earnings of NOK 9.2 million (€857,000/$1 million) in the third quarter, turning around a loss from the year prior.
Ice Fish Farm -- owned by Norwegian aquaculture conglomerate NTS -- harvested 800 metric tons of salmon during the quarter, compared to none last year, lending an operating profit per kilogram of NOK 11.50 (€1.07/$1.26).
The company's investments in smolt capacity are going faster than originally planned. Ice Fish Farm kick started construction on Kopkasker, which is expected to be completed in the second quarter of 2021.
The salmon farmer also started producing organic salmon, with the first harvest projected for the first quarter of 2022.
Ice Fish Farm downgraded its expected annual salmon harvest volume to 3,500 metric tons, a 20 percent decrease from original estimates due to lower growth rates.
The company expects to harvest 8,700 metric tons in 2021, an upward adjustment from the previous estimate of 8,300 metric tons. In 2022, Ice Fish Farm estimates harvests of 15,500 metric tons.
Ice Fish Farm runs salmon farming operations in the northeast of Iceland, and listed on Oslo's Merkur Market on June 5.
In May, the company raised NOK 301.5 million (€28.6 million/$33.8 million) in a private placement.
