A massive storm that lashed the Faroe Islands between Feb. 28 and March 2 resulted in he loss of around 1 million fish with an average weight of 2.1 kg, salmon producer Bakkafrost reported Sunday.
The four-day storm caused "significant" damage to two of Bakkafrost's farming sites in the southern island of Suduroy, the company reported, damaging a total of 12 netpens at two sites in the A23 Hvalba farming area. A second location, A15 Frodba, experienced severe mortalities from the swell.
The company expects its 2020 harvest guidance will be reduced by 5,000-6,000 metric tons as a result of the losses. Previously the company anticipated a harvest of 57,000 metric tons this year.
The equipment and fish are ensured at cost value, the company said.
Bakkafrost filed a detailed report on the damage on the Oslo Stock Exchange.
Earnings before interest, tax, depreciation and amortization (EBITDA) rocketed 47 percent year-on-year, reaching DKK 415 million (€55.6 million/$60.2 million) from DKK 282 million (€37.8 million/$40.9 million).
Revenues rose further, more than doubling to DKK 1.6 billion (€215.1 million/$232.7 million) from DKK 705 million (€94.5 million/$102.2 million).