Profits in the Icelandic Fishing Industry 18% in 2013
The Icelandic fishing industry was doing well in 2013 but still worse compared to the year before. Total catch was 1,4 million tons. Average prices in foreign markets went down 2013 by 6,1%. The total export went up 1,4% in value and 7,5% in quantity.
Statistics Iceland has compiled and analyzed the operating accounts of fishing and fish processing companies for 2013 as well as their balance sheets. Information from these statements along with data on exports and catches were used to measure the overall profitability in the subsectors of these branches of industry.
The results show the profits of the main sub-sectors of these activities such as boats in several size categories, pelagic vessels, wet fish trawlers, freezing trawlers, processing of demersal species like freezing and salting, processing of pelagic and fresh fish processing. The net profit of fishing and fish processing total decreased somewhat between 2012 and 2013 or from 21,5% to 18% (corrected for the effect of changes in the exchange rate according to the annuity approach and 6% rate of return). Net profit of fishing and fish processing of demersal species decreased from the year before or from 21,4% of revenue to 17,4%.
Aggregated balance sheet of fishing and fish processing shows that the total worth of assets of the fisheries are ISK 530 billion, liabilities are worth of ISK 380 billion and equity more than ISK 149 billion. Comparable time series for previous years are available on the web site of Statistics Iceland, www.statice.is.