August 19, 2011

 

Austevoll Seafood posts profit drops on lower fish prices

 

 

Austevoll Seafood has posted on Thursday (Aug 18) a drop in Q2 net profit to NOK73.8 million (US$13.45 million) on a write-down in the value of its fish stocks and global demand for Atlantic salmon is likely to improve due to lower prices.

 

Q2 biomass write-down of NOK544.1 million (US$99.16 million) due to substantially lower salmon and trout prices as of June 30, 2011 when compared with salmon and trout prices on March 31, 2011.

 

The decline in prices is attributed to a higher increase in the global offering of salmon and trout when compared with the past two years.

 

Austevoll Seafood expects to see a positive development in global demand for Atlantic salmon.

 

Its operating income is at NOK3.65 billion (US$ billion) from NOK3.17 billion (US$0.58 billion) due to increased sales volumes while operating profit before fair value biomass adjustment is at NOK674.4 million (US$122.9 million) from NOK529.3 million (US$96.46 million).

Video >

Follow Us

FacebookTwitterLinkedIn