March 3, 2009
Austevoll Seafood posts Q4 profit rise on doubled revenues
Norway's Austevoll Seafood ASA has reported a net profit of NOK69.6 million (US$9.6 million) in the fourth quarter of 2008 from NOK52.7 million (US$7.3 million) a year earlier as its revenues more than doubled.
Austevoll's revenue went up to NOK1.552 billion from NOK720 million.
The company said that in October to December 2008, prices of fish oil, canned and frozen products were significantly higher than a year earlier, but the sales price for fishmeal decreased compared with the corresponding period in 2007, was also somewhat lower than in the third quarter.
Austevoll made NOK60 million write-downs, mainly related to its operations in Peru as a result of the implementation of a new quota system for anchovies fishing in 2009. Earnings before interest and tax (EBIT) after biomass adjustment raked up to NOK266.4 million.
In October, Austevoll launched a takeover bid at NOK59 per share for local rival Leroy Seafood Group ASA after raising its stake in the latter to 43.4 percent.
Following the bid, Austevoll holds 74.9 percent of Leroy, which was consolidated in its accounts as a subsidiary from December 2008.
US$1 = NOK7.20 (Mar 3)
