Austevoll’s sales down, profit up in 1Q

Austevoll Seafood ASA on Thursday released its first-quarter results, including an increase in revenue to NOK 2.9 billion, up from NOK 2.7 billion during the same period in 2010. Operating profit also increased to NOK 612 million from NOK 431 million. EBIT increased to NOK 486 million from NOK 309 million.

The company also said its products saw good prices during the first quarter, with significantly better prices achieved for Atlantic salmon, pelagic fish and fish oil.

For the company’s fishmeal and oil segment, operating income came to NOK 318 million, down from NOK 363 million in 2010 with about 24,000 metric tons of fishmeal and fish oil sold in the quarter, down from 31,000 metric tons in 2010. The company attributed the lower sales volume in Peru due to lower production in the fourth quarter of 2010.

Operating income for fish sold for human consumption was also down to NOK 182 million from NOK 198 million and EBITDA stayed the same at NOK 25 million.

About 5,000 metric tons of frozen products were sold in the first quarter, compared to 1,000 metric tons during the same period in 2010. About 830,000 cases of canned products were sold, compared to 436,000 cases last year. A total of 420 tons of omega-3 oils were also sold.

For sales and distribution of Atlantic salmon and trout, operating income totaled NOK 2.2 billion, up from NOK 1.9 billion, and EBITDA totaled NOK 510 million, compared to NOK 307 million last year. About 27,900 metric tons of cleaned weight salmon and trout were harvested, up from 22.500 metric tons during the same period last year.

Austevoll’s fleet in Peru landed just over 24,000 metric tons of fish in the first quarter.


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