Bakkafrost slumps on autumn results hit by fish mortality

P/F Bakkafrost

20/12/2021 08:18

** Shares in Bakkafrost  BAKKA.OL  fall 10% after the
Norwegian salmon farmer warned of continuing biological issues
in its farms which resulted in "exceptional" morality
 urn:newsml:reuters.com:*:nFWN2T20ZU
    ** Bakkafrost says biological challenges, which were
reported for the third quarter  urn:newsml:reuters.com:*:nL8N2S02VT, continued into Q4
with mortality costs reaching 175 million Danish crowns for
October and November ($26 million)
    ** The company now expects operational EBIT for October and
November at 52 million Danish crowns, while consensus expected
362 million for the whole Q4 
    ** "Following the update from BAKKA we see 50-70% downside
to 4Q21 consensus EBIT and about 20% downside to 2021 EBIT",
Fearnsley analysts say
    ** "Although we do not expect the result of this
summer/autumn season to be as meaningful in the coming years, it
highlights the more challenging operating environment vs. the
Faroes", the broker adds
    ** Bakkafost shares fall 12% year to date
    
    


($1 = 6.6063 Danish crowns)

 (Reporting by Boleslaw Lasocki)
 ((boleslaw.lasocki@thomsonreuters.com))