Bakkafrost reports 128 million kroner operating profit in third quarter

Bakkafrost Group reported operating profit of 128 million kroner in the third quarter, up from 22 million kroner in the same period last year, according to KVF.

The group harvested 23,097 tonnes in the Faroe Islands and 4,537 tonnes in Scotland during the quarter. Faroese harvest volumes for the first nine months of the year were 24 percent higher than a year earlier. Production costs per kilo rose by 7 percent.

Bakkafrost said its smolt facility in Skálavík was progressing as planned. Eggs were placed there in two batches, with good results so far. The company also said feed producer Havsbrún had a particularly strong quarter.

Bakkafrost expects to produce 185,000 tonnes of feed next year. It has stopped buying smolt from external suppliers in Scotland, but low harvest volumes, low average weights and high unit costs continue to affect the financial results there.

The company plans to harvest 97,000 tonnes in the Faroe Islands and 28,000 tonnes in Scotland next year.