Cod producer Seamatech’s earnings took a beating after disease forced the company to cull market-ready fish.
Farmed cod usually fetch good prices after the wild catch season, but not this year.
Vadheim-based Seamatech increased turnover from NOK 2.9 million (€352,222/$444,727) in 2012 to NOK 10.7 million (€1.3 million/$1.6 million) last year. However, operating profit ended up at a loss of NOK 9.2 million (€1.1 million/$1.4 million) in 2013, compared with a loss of NOK 6.9 million (€838,046/$1.1 million) the previous year.
Pre-tax profit amounted to a loss of NOK 9.5
