November 13, 2009

Norway's Leroy Seafood Q3 profits in line with expectations

Norway's Leroy Seafood Group ASA posted on Thursday (Nov 12) an operating profit for the third quarter of 2009 which was in line with expectations, but its after-tax and pretax profit disappointed.

The company saw its after-tax profit grow to NOK92.76 million in the third quarter of 2009, from NOK74.14 million a year earlier, while analysts had expected it at NOK160 million.

Pretax profit rose to NOK123.08 million in July-September 2009 from NOK98.27 million in the same period last year, while the average market expectation was for NOK203 million.

Operating profit before value adjustments of the biomass increased to NOK275.29 million from NOK116.54 million. Analysts had expected it at NOK252 million.

Third-quarter operating revenue jumped to NOK1.945 billion, up from NOK1.522 billion, beating projections for NOK1.856 billion.

US$1 = NOK5.66 (Nov 13)