Austevoll doubles 4Q profit

By

SeafoodSource staff

Published on
February 25, 2014
Austevoll Seafoods on Tuesday reported an increase in profit to NOK 3.62 billion (USD 601 million, EUR 437 million) for the fourth quarter of 2013 compared to NOK 2.73 billion (USD 453 million, EUR 330 million) in the fourth quarter of 2012.

EBITDA in the fourth quarter was NOK 593 million (USD 98 million, EUR 72 million), up from NOK 204 million (USD 34 million, EUR 25 million) in the same quarter of 2012.

The Norwegian company mainly attributes the increase to the Atlantic salmon and trout segment. The company said considerably high prices were achieved for Atlantic salmon and trout in the quarter compared with 2012. “Excellent” profit from operations for the segment is also reflected.

The pelagic fisheries segments have also seen an increase in profit in the quarter compared to the previous year.

Additionally, Austevoll reported write-downs totaling NOK 95 million (USD 15.8 million, EUR 11.5 million) during the quarter. Of this, NOK 90 million (USD 14.9 million, EUR 10.9 million) is related to operations in Peru as a result of changes to the company’s plant structure.

The transaction between Austevoll Seafood and Kvefi entailing the merger of Austevoll’s and Kvefi’s operations in Europe within pelagic fishery for human consumption, fishmeal and fish oil was completed in January 2014.

The board proposed a dividend of NOK 1.60 (USD 0.27, EUR 0.19) per share in 2013.

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