May 13, 2011
Leroy Seafood Group's reports decrease in profit
Norwegian fish distributor Leroy Seafood Group ASA (LFS.OS) reports a decrease in its first-quarter net profit, but expects continued demand for Atlantic salmon.
LSG's net profit decreased to NOK362 million (US$65.5 million) from NOK410 million (US$74.2 million) in the same period a year earlier after adjusting the value of its biological assets.
Operating revenue amounted to NOK2.23 billion (US$0.4 billion) in the first quarter, up from NOK1.87 billion (US$0.33 billion) a year earlier.
Ebitda for the same period totalled NOK510 million (US$92.3 million), up from NOK307 million (US$55.6 million) for first-quarter 2010 due to higher volume and better prices for the firm's main products, Atlantic salmon and salmon trout.
The firm's board reports that the result for the second quarter is expected to be better than the result for the second quarter 2010, and anticipates continued good development in the global demand for Atlantic salmon.