Aker Seafoods buoyant despite profit hit

Despite higher catch rates, Oslo-listed Aker Seafoods saw its fourth quarter results hit by lower cod, saithe and haddock prices, reporting a 13.3 percent drop in earnings before interest, taxes, depreciation, and amortization (EBITDA).

Decreased prices resulted in a reduction of catch value per operating day of 10 percent, the company said, despite higher catch rates of 115 percent per day -- with its EBITDA dropping 51 percent to NOK 29 million (€3.9 million/$5.1 million).

However, CEO Olav Holst-Dyrnes chose to emphasize the positive aspects of increased cod supply in the market.