Reduced quota affects HB Grandi earnings

A reduced capelin quota has resulted in less earnings and operating profits for Icelandic trawler firm HB Grandi over the first three months of 2014.

This year the company’s income for the first three months was 49.9m euros in comparison with 50.9m euros for the three months ending 31 March last year. Meanwhile, operating profit prior to taking depreciation and other factors into account was 9.7m euros compared to 16.7m euros for the same three months last year.

HB Grandi said the loss in earning was down to the fact that last year its capelin quota was 81,000 tonnes, whereas this year it was just 24,000. However, it did get higher prices for frozen capelin and capelin rose, and is predicting an improved performance from the fish when the next season begins. It also reported better results from groundfish such as haddock and cod and other pelagic species.

The company’s fleet remained the same size over the three-month period, but construction in Turkey has begun on two new ships with the first vessel due to be delivered next February and the second arriving six months later. HB Grandi’s fleet is made up by white fish and pelagic trawlers.