The Oceana Fishing Group, which also has subsidiaries in Namibia, this week announced its earnings would be much lower than in 2003.

Shareholders were advised via the daily news service of the Namibia Stock Exchange (NSX) that headline earnings per share for the year ending 30 September 2004 are expected to be between 15% and 25% lower than in the previous year.

The reduced earnings were mainly a result of the continued strength of the Rand which affected the profitability of Oceania’s export businesses and a lower contribution from the canned fish business. Last year the Namibian fisheries sector took a considerable dip due to the strengthening of the Rand against the US dollar. Over 90 % of all fish produced in Namibia is exported to international markets. Labour unrests at various factories also left a mark on the fisheries sector.