Business

From Russia with heartbreak (or just a massive business headache) – Bakkafrost delivers disappointing figures for 1st quarter

Last Monday, Bakkafrost delivered disappointing figures for the first quarter and opened five per cent lower on Oslo Stock Exchange on Monday.

That is according to SalmonBusiness.

“It has been a challenging situation for Bakkafrost in the quarter, both in terms of operational, but also in terms of price. This has improved during the quarter and it continues into the second quarter,” said Bakkafrost CEO Regin Jacobsen to SalmonBusiness.

The main reason for the weak result are the issues Bakkafrost has been having with access to Russia since November last year.

Read more: Huge blow to Faroe Islands as Russian authorities ban imports from Bakkafrost’s main processing plant

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This was settled in late February and Bakkafrost has since regained access to the Russian market, but the figures show that exports to Russia have fallen drastically compared to the first quarter last year.

Read more: Let the exports recommence; Russia ends import ban on Bakkafrost products

In the quarterly report, the company writes that volumes sold to Russia has fallen from 32 percent to three percent.

Bakkafrost is a salmon farming company based in Glyvrar on the island of Eysturoy in the Faroe Islands. Bakkafrost is the largest fish farming company in the Faroe Islands, and one of the biggest private employer in the islands, if not the biggest. Bakkafrost is the eighth-largest fish farming company in the world.

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