Scotland's Grieg Seafood doubles Q1 profit

High salmon prices helped push up Grieg Seafood's first-quarter pre-tax profit to NOK357.3 million (US$58.3 million), more than double last year's total.

In the first quarter of 2010, the Norwegian company also posted an EBITDA of NOK115.4 million (US$25.3 million), compared to NOK11.1 million in 2009, while revenues were up 118% to NOK618.9 million.

The salmon production shortfall in Chile has led to unusually tight supplies and high prices globally, said the company.

Grieg Seafood harvested 18,080 tonnes of farmed salmon in the first quarter of this year, up 96.4% from the same period last year. It expects to produce 68,000 tonnes of farmed salmon this year, which would be up nearly 40% from 2009.

Through last year, Grieg Seafood has increased focus on operational efficiency and measures to reduce cost of production, improve fish health and the biological situation, as well as organisational and competency development.