High salmon prices helped push up Grieg Seafood’s first-quarter pre-tax profit to NOK 357.3 million (USD 58.3 million, EUR 45.4 million), more than double last year’s total.
In the first quarter of 2010, the Norwegian company also posted an EBIT (earning before interest and taxes) of NOK 115.4 million (USD 25.3 million, EUR 19.8 million), compared to NOK 11.1 million in 2009, while revenues were up 118 percent to NOK 618.9 million.
The salmon production shortfall in Chile has led to unusually tight supplies and high prices globally, said Grieg.
The company harvested 18,080 metric tons of farmed salmon in the first quarter of this year, up 96.4 percent from the same period last year.
Grieg expects to produce 68,000 metric tons of farmed salmon this year, which would be up nearly 40 percent from 2009.
