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Selstad reports stronger revenues but higher costs drag on earnings

The company anticipates a stronger year ahead.

Norwegian aquaculture equipment supplier Seltad reported flat earnings for its 2018 financial year compared to the same time the year prior, saying higher costs dragged down its performance.

Earnings before interest, tax, depreciation and amortization (EBITDA) for the company increased 0.5 percent to NOK 20.7 million (€2.1 million/$2.3 million) in 2018.

On the other hand, revenues climbed more than 24 percent to NOK 439 million (€43.9 million/$49.3 million) year-on-year with growth across all its markets.

However, the cost of goods, labor and development projects took their toll on earnings.

The company is optimistic about future growth despite a highly competitive industry, it said.

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