Faroese salmon farming giant Bakkafrost posted worse-than-expected third quarter earnings this week, predominantly dragged down by its Scotland operations, but it has a plan to change around the fortunes of the struggling division.
The Scottish division nearly tripled its losses to DKK 81.3 million (€10.9 million/$12.7 million) in the third quarter compared with the same period a year ago. The increase in losses was almost entirely due to biological challenges at several farming sites.
Underlying gill-health issues combined with “sudden" biological issues -- such as blooms of micro-jellyfish -- caused "significant mortalities" at several sites, especially at Ghia.
