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SinkabergHansen doubles earnings in 2018

A large boost came from its partnership with a local processor.

The fully-integrated Norwegian salmon producer SinkabergHansen saw earnings double in the 2018 fiscal year due to a recent collaboration and the end of a pancreatic disease outbreak affecting the company's previous harvests.

The company's earnings before tax increased to NOK 442 million (€45.6 million/$51.7 million) in 2018.

Sales surged 46 percent compared to the previous financial year to NOK 2.4 billion (€247.9 million/$280.6 million) and operating profits quadrupled to hit NOK 272 million (€28.1 million/$31.8 million).

"The increase in turnover is probably not as great as it looks on paper," SinkabergHansen CEO Svein Gustav Sinkaberg told IntraFish, attributing the results, in part, to its recent collaboration with Norwegian processor Emilsen Fisk.

Emilsen Fisk is satisfied with the results following the collaboration, despite higher costs.

"We are not satisfied on the cost side, however, it was a good year for salmon prices and operations," Emilsen Fisk Manager Roy Emilsen told IntraFish.

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