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May 13, 2009

                               
Norway's Leroy Seafood Q1 profit up US$22 million
                                        

 

Norwegian company Leroy Seafood ASA reports its operating profit before fair value adjustment of biomass increasing to NOK 141.9 million (US$22 million /EUR 16.2 million) in the first quarter, outperforming the market consensus for NOK 119 million.

 

From January to March 2008, Leroy posted an operating profit before fair value adjustment of biomass of NOK 68.7 million.

 

In its current interim report, the company said growth was due to improved operations in the Production division, positive development for Sales and Distribution, and higher prices for Atlantic salmon and salmon trout.

 

At the same time, earnings have been influenced by Leroy harvesting salmon with higher production costs due to the biological problems the company had in the first half of 2008.

 

The company said these good results will also influence the group's outcome in the second quarter of 2009, adding that the underlying production in the first quarter of 2009 was good. This, combined with decreasing fish-feed prices, has prompted the company to expect production costs to decrease.

 

The board of directors expects a considerable improvement in the financial results in the second quarter of 2009 from a year earlier. The same also applies to the full-year results.

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