Visir faces challenges in fishing industry with setbacks in cod catches and processing, but remains efficient

From GlobeNewswire: 2024-05-23 11:39:00

In the fishing industry, challenges arise as cod catches and processing face setbacks. Uncertainty looms over Vísir’s operations after one vessel is laid up. Financially, the company’s quarterly profit reaches 11.3 million USD with operating revenues of 81.4 million USD and an EBITDA of 19.2 million USD, showcasing a decline compared to previous periods. The company’s total assets amount to 1.071 billion USD, with a 58.4% equity ratio.

Despite operational challenges, Vísir is striving for efficiency, exemplified by the discontinuation of one vessel and ongoing efforts to optimize operations. The recent focus has been on reorganizing fish processing, particularly in response to uncertainties in cod fisheries in Grindavík. In the face of reduced haddock catches and processing, the company is exploring collaborations and investment opportunities to maintain competitiveness within Iceland’s seafood industry.

The completion of the financial statements for Q1 2024 reflects ongoing challenges within the industry. Nonetheless, Vísir highlights prudent measures such as cost optimization and streamlining its operations. Looking ahead, the company is eager for guidance from the Marine Research Institute for the upcoming fishing season, anticipating positive outcomes for key stocks like Icelandic herring and mackerel. Amidst a recovering market, the company’s subsidiary Arctic Fish has renewed operating licenses, showcasing positive growth prospects and market stability on the horizon.



Read more at GlobeNewswire:: Síldarvinnslan: Fyrsti ársfjórðungur 2024.