Major deficit reported in fishing industry

The Norwegian fishing industry reported a major deficit in 2002.

The industry had a collected deficit of more than NOK 700 million (USD 100 million) last year, according to numbers presented by Fiskeriforskning. The number is based on the accounts of 451 companies in the Norwegian fishing industry, employing more than 9000 people. The industry had a turn over of NOK 25 billion (USD 3.57 billion).

“If we had included companies which did not presented annual accounts for 2002 because of liquidation, the deficit would most likely amount to between NOK 800 to 900 million,” stated Bjørn Inge Bendriks, researcher at Fiskeriforskning, in a press release.

This is the first time in many years the fishing industry reports a collected deficit.

The fishmeal and fish oil industry, sea food industry and a group of companies which have extensive operations in several sectors are the only three branches in the fishing industry could report a positive result in 2002.

According to Fiskeriforskning, the main problems in the fish industry last year were a high Norwegian Krone and a difficult market.

In addition the reports from Fiskeriforskning indicates that collectively the industry made several large investments up to 2002, and that the companies went into a difficult year with a high levels of debt.

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