Fishing rights allocations dampen Sea Harvest’s results
Higher fuel prices and supply chain disruptions hit group in the first half
29 August 2022 - 12:15
UPDATED 29 August 2022 - 18:07
Fishing group Sea Harvest lost about a quarter in operating profit in the first half of 2022 as the government’s Fishing Rights Allocation Process (FRAP) cut its hake volumes and higher fuel prices pushed up operating costs.
Sea Harvest lost about a tenth of its hake allocation and saw a reduction in its total allowed catch through the process by the department of environment, forestry & fisheries, which allocated commercial fishing rights at the end of February to ensure sustainable harvesting of the country’s marine resources while addressing historical inequalities by allowing new entrants...
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