Norway's Austevoll Seafood boosts Q1 results
Austevoll Seafood ASA posted an increase in operating income to NOK 2.75 billion (US$432.8 million), up from to NOK2.48 billion (US$390 million) in the same period last year.
The Norwegian seafood producer attributed its strong first-quarter results in part to higher prices for canned and frozen seafood products, fishmeal and fishoil, salmon trout and especially Atlantic salmon.
The company reported an EBITDA (earnings before interest, taxes, depreciation and amortization) of NOK 431 million (US$67.8 million) in the first quarter of 2010, up from NOK337 million (US$53 million) in 2009.
Austevoll has a positive outlook on 2010: "The board expects to see a stable high demand for the group's consumer products in the future, along with good prices. With an increased consumer focus on health, the market for the group's high-concentrate omega-3 products is expected to continue on a positive trend.
"The development in demand for Atlantic salmon and salmon trout has been positive in 2010," added the company. "The positive development in 2009 compared with expectations for a reduction in the global supply of Atlantic salmon in 2010, in addition to expectations of a limited growth in the years to come, provide grounds for continued optimism."
