Cod farmer Norcod significantly widens losses in third quarter

Norway cod farmer Norcod significantly widened its losses in the third quarter as expenses surged.

The group said its operating loss increased from NOK 3 million (€250,000/$268,000) last year to NOK 28 million (€2.3 million/$2.5 million).

The losses come despite the company posting an increase in revenue to NOK 21 million (€1.8 million/$1.9 million) in the period, up from the NOK 2 million (€167,000/$178,000) during the same period last year.

Norcod harvested 144 metric tons of cod during the third quarter, compared to nothing during the same period last year, however management saw lower sales prices than expected.