Fishing company profits dip

ICELAND’S second largest fishing and fish processing company, HB Grandi, saw its profits dip sharply during the second quarter of this year.

Profits for the period totalled 1.9 million euros compared with 6.9 million euros for the same period last year.

Although the fishermen’s strike had ended during the Q2 period, it is not known if some of the decrease was due to a ripple effect from that dispute.

The second quarter operating income was 55 million euros compared to 51 million euros for the corresponding period in 2016.

Taking in the Q1 results, the first half EBITDA amounted to 13.9 million euros, or 14.4 per cent of operating revenues, but in the first six months of 2016 the figure was 21 million euros, or 22 per cent of operating revenues.

HB Grandi is currently involved in a massive and costly fleet renewal programme, with new trawlers arriving and more expected later in the year.

Meanwhile, in a separate move, HB Grandi has sold its groundfish processing plant in Akranes to Ísfiskur hf for US $3.25 million.

Ísfiskur has been operating fish processing in Kópavogur since the establishment of the company in 1980. It has about 40 employees and processes around 4,000 tonnes of haddock and cod bought in the Icelandic fish market every year.

Some of the HB Grandi employees will move to the company’s processing plant in Reykjavik. Ísfiskur will start processing at its new acquisition in Akranes at the beginning of next year.

HB Grandil continues to operate a capelin processing plant and a fish meal plant in Akranes.

 

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