Grieg Seafood ASA reports profit loss for Q3

Norwegian salmon farming company Grieg Seafood has reported a NOK242 million (US$43.3 million) pre-tax loss for the third quarter of 2009, down from a NOK5 million (US$895,699) profit for the same period in 2008.

Operating result fell to a NOK268 million loss from a NOK15 million profit, and operating revenues were reduced to NOK385 million from NOK436 million.

Problems with algae at its fish farms in Canada, problems with parasitic salmon louse on Shetland and low production volumes in Norway are reasons behind the weak results.

Grieg Seafood expects producing 50,000 tonnes of salmon in 2009, down from previously anticipated 53,500 tonnes, but expects as much as 70,000 tonnes to be slaughtered in 2010.

US$1 = NOK5.58 (Nov 11)