May 27, 2008

Austevoll Seafood reports Q1 loss of US$2.4 million

   
    
Norwegian pelagic seafood company Austevoll Seafood ASA has reported a net loss of NOK 12 million (US$2.4 million) in the first quarter of 2008 due to lower fishmeal prices and reduced sales of consumer products.

First-quarter sales of fishmeal and fish oil totalled 78,000 tonnes compared with 60,000 tonnes a year ago.

The fall in the sales of consumer products was due to reduced catch volume, which leads to a lower production in Chile, Austovell said.

Austovell acquired 40 percent of fish processing plant Bodo Sildoljefabrikk AS in January, when the company also discussed with UK agribusiness company Origin Enterprises plc regarding the consolidation of their fishmeal and fish oil businesses in Europe.

Austovell expects fishmeal prices to either stabilise or increase in the future as well as continued good fish oil prices.