Whale business on brink of profitability

REYKJAVIK, Iceland, Sept. 25 (UPI) -- The company controlling Iceland's fin whale business should turn a profit this year, its owner said Friday.

Hvalur HF caught 125 fin whales during the 2009 season. That is 25 below its quota, but many more than have been caught in the past few years, the BBC reported.

Last year, the company sent about 71 tons of whale meat to Japan. This year the figure should be about 1,653, company owner Kristjan Loftsson said. He said he will carry over the remainder of his quota to next year.

These quotas were set in January, just before the government of Geir Haarde left office. The present left-green coalition government has not revoked the five-year quotas.

Iceland formally applied to join the European Union and some officials believe the EU would not accept the application unless Iceland ends whaling.

Japan and Iceland, as well as several other nations, are exempt from the ban in the trade of fin whales under the Convention on International Trade in Endangered Species because of reservations lodged by their governments.