February 23, 2011

Grieg Seafood's 2010 earnings hits all-time high

Norway's Grieg Seafood ASA saw its turnover jump to an unsurpassed level of NOK631 million (US$110 million/EUR81.1 million) in 2010 from NOK230.9 million in 2009, as operating proceeds soared.

The earnings before interest and tax (EBIT) soared to NOK847.4 million (US$149.66 million) from NOK269.2 million (US$47.54 million) in 2009. The operating revenue surged to NOK2.456 billion (US$433.77 million) from NOK1.621 billion (US$286.29 million), the company's financial statement showed.

In the fourth quarter of 2010, the after-tax profit also hit a record high NOK248.5 million (US$43.89 million), rising from NOK87.6 million (US$15.47 million) in the same period of 2009. The operating profit surged to NOK336.5 million (US$59.43 million) from NOK113.5 million (US$20.05 million) and the operating revenue-to NOK669.5 million (US$118.24 million) from NOK478 million (US$84.42 million).

Grieg Seafood guided for a harvest volume in 2011 of 64,800 tonnes in relation to current production plans. The estimate includes an increase by 1,800 tonnes as a result of the acquisition of the remaining 51.3% of sector player Erfjord Stamfisk in the fourth quarter of 2010, and is in line with previous forecast. In total, a harvest volume of 11,600 tonnes is expected in the first quarter of 2011.

The salmon market is anticipated to remain strong in 2011.