NTS increases operating profit by €2.8 million

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NTS merger with Frøy group was approved last December.

In a release on the Oslo Stock Exchange, fully integrated aquaculture group, NTS posted revenues in the fourth quarter of 2019 of EUR 34 million compared to EUR 46.3 million in the same period last year.

The group’s operating profit for the fourth quarter of 2019 ended at EUR 10.5 million against EUR 14.5 million for the same period last year.

“Operating profit in the fourth quarter of 2019 compared to the same quarter last year shows better operational results from fish farming operations in Norway. However, higher depreciation was reported in the last quarter of 2019 compared to the last quarter of 2018, which is largely due to depreciation of the Aquatraz cages. Adjustment for fair value improves profit for the period by NOK 63.6 million (EUR 6.3 million), so operating profit increased by NOK 28.4 million (EUR 2.8 million) compared to the fourth quarter last year,” NTS writes in the quarterly report, which was released on Wednesday morning.

NTS-owned Ice Fish Farm in Iceland had an operating profit of EUR 1.7 million and a turnover of EUR 9.4 million. In total, Ice Fish Farm harvested 1,287 tonnes of gutted fish in the fourth quarter.

It owns aquaculture firm Midt-Norsk Havbruk (MNH)- which had an operating profit of EUR 6.5 million in Q4 2019, compared with EUR 4.3 million in Q4 2018. Revenue was EUR 17 million, down from EUR 18 million during the same quarter in 2018. It harvested 3,076 tonnes of gutted fish in the fourth quarter compared to 3,216 tonnes in the same quarter last year.

The company’s final implementation of the merger and issue of consideration shares with Frøy Gruppen is expected to take place shortly after the expiry of the creditor deadline at the end of March / April.

Because of the merger, NTS now owns 66 service vessels, 16 wellboats and four ships in maritime transport (numbers including newbuilds).