May 16, 2011

Norwegian Grieg Seafood posts increase in Q1 profit

Norwegian company Grieg Seafood ASA said its EBIT before fair value adjustment of the biomass rose to NOK131.6 million (US$23.6 million) in the first quarter of 2011 from NOK115.4 million (US$20.7 million) a year earlier.

Revenue declined by 18% year-on-year to NOK504.3 million (US$90.4 million).

The EBITDA increased to NOK165.3 million (US$29.6 million) from NOK142.1 million (US$25.5 million).

The salmon market has remained strong in 2011 with prices setting seasonal records. The underlying demand in most markets remains firm, despite the high prices and a scarcity in supply, Grieg Seafood said.

Grieg Seafood confirmed its previous guidance for a total harvest volume of 65,000 tonnes in 2011, although with regional adjustments. The harvest is expected to rise to 16,000 tonnes in the second quarter of 2011, up from 13,700 tonnes in the same period a year earlier.