November 13, 2009

Austevoll Seafood earnings rise in Q3

Norway's Austevoll Seafood ASA saw its earnings before its value adjustment for biomass, rise to NOK459 million (US$81.0 million) in the third quarter of 2009, from NOK192 million (US$33.8 million) a year earlier.

In its third-quarter report, Austevoll said its sales almost tripled to NOK2.739 billion from NOK933.8 million over the same period.

The company's earnings per share (EPS) rose to NOK0.39 from NOK0.22 in the same period of 2008.

Austevoll chief financial officer Britt Kathrine Drivernes pointed out that despite a solid growth in revenue, the third quarter was characterised by low production in the pelagic part of the business. In this segment, the margin on EBITDA was only 2 percent.

Associated companies had a negative contribution of NOK5.3 million in the third quarter of 2009, versus a positive income of NOK15.5 million last year.

Salmon farming is the segment which gave the best margin on EBITDA, of 28 percent. The sales and distribution segment generated revenue of NOK1.92 billion, but the EBITDA margin was 3 percent. Sales of salmon totalled NOK984.6 million in the third quarter of 2009.

US$1 = NOK5.66 (Nov 13)