Samherji´s profit 580 million ISK

Consolidated operating revenue was 3.233 million ISK for the first three months and operating expenses were 2.548 million ISK,  profit before depreciation and financial expenses (EBITDA) was  685 million ISK.  Depreciation was 273 million ISK in the period and financial expenses were positive by 61 million ISK. 

Profit before taxes was 654 million ISK and net income was 580 million ISK as afore said.  Net cash provided  by operating activities for the first three months was 465 million ISK.

Samherji´s total assets were at the end of March 22 milliards ISK.  Fixed assets were just over 16,2 milliards and current assets were barely 5,8 milliards ISK.  The Company’s liabilities were 13 milliards ISK and Owners equity was barely 8,8 milliards ISK.  Equity ratio was, at the end of March 40% and floating capital ratio was 1.

 “The Company’s return does not reach our expectations but is in relation with the outcome in the seafood sector in Iceland.  The strengthening of the Icelandic Koran has had  and will keep on having a  substantial effect on the return of seafood companies as well as other export companies” says Þorsteinn Már Baldvinsson Director of  Samherji.

“In spite of these difficult months, especially due to the ISK,  we will along with our powerful workforce, keep on looking for solutions against the negative effect of the exchange rate” says Þorsteinn Már.