Clean-up costs for old land-based projects hit AKVA Group profits in Q2

by
editorial staff

Effects of pandemic still being felt.

On Friday, in its Q2 report, Norwegian aquaculture services and equipment provider AKVA Group posted revenues of NOK 832 million (US$94 million), a 3 per cent decrease compared to Q2 2020.

Order intake at NOK 880 million (US$100 million) was down from NOK 994 NOK ($112 million) in Q2 2020.

Net Profit decreased from NOK 26 million (US$2.9 million) last year to NOK 16 million (US$1.8 million) in Q2 2021.

EBITDA (earnings before interest, taxes, depreciation, and amortisations) decreased from NOK 93 million  (US$10.5 million) in Q2 2020 to NOK 79 million (US$9 million) in Q2 2021.

A statement released alongside the results by the company read, “AKVA Group have maintained a strong focus on the measures implemented after the COVID-19 outbreak in March 2020 to ensure the health and safety of our employees and customers, to monitor and negative impact on profitability of approx. NOK 25 million related to final commercial clean-up and provisions for old land-based projects. the overall liquidity in the company, to maintain the security of supply during the crisis and a steady order intake to ensure work for all in AKVA group. In the first half of 2020 the pandemic impacted our Land Based segment the most with cancellation and postponement of contracts. In 2021 the pandemic hit the Cage Based segment with restrictions on import of foreign labor to Norway.”

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