NORWAY: Fjord Seafood pays the price for its rapid expansion strategy
Norwegian fishery group Fjord Seafood saw its half-year results plunge to a loss of NKr96m (US$10.8m) as it paid the price of its ambitious growth plans and suffered from salmon prices at a record low. In its six-month report, Fjord Seafood took a NKr71.5m charge for its debt-financed acquistions and reserved NKr53.8m for expected future losses for having to sell salmon frozen rather than fresh, which commands a higher price.
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