August 24, 2010

Norway's Leroy Seafood posts favourable Q2 results

Lerøy Seafood Group posted its second-quarter results, including a turnover of NOK2.2 billion (US$357.6 million), up an impressive NOK1.8 billion (US$) for the same three-month period last year.

In the second quarter of 2010, the Norwegian company's operating profit (EBITDA) totalled NOK367.8 million, compared to NOK221.6 million in the second quarter of 2009, while its pre-tax profit reached NOK382 million, up from NOK219 million in 2009.

Lerøy attributed its second-quarter results to an increase in its Atlantic salmon output and prices. The company harvested 27,600 tonnes (gutted weight) of salmon in the second quarter of 2010, up from 23,200 tonnes in 2009.

Meanwhile, net earnings for the first half of this year corresponded to a profit before fair value adjustment of biomass of NOK8.90 per share, as against a corresponding figure of NOK4.72 in the first half of 2009.