Grieg doubles 2Q profits, earnings
Grieg Seafood ASA on Thursday reported its second-quarter results, including an increase in EBIT to NOK 74.3 million (USD 12.3 million, EUR 8.6 million), compared to just NOK 15.2 million (USD 2.5 million, EUR 1.8 million) during the same period in 2008.
The Norwegian farmed salmon company’s profits also soared in the second quarter, jumping to NOK 271.6 million (USD 44.9 million, EUR 31.6 million) from NOK 70.4 million (USD 11.6 million, EUR 8.2 million) in 2008.
Grieg attributed the increase to a strong salmon market, as a reduction in global supplies has resulted in favorable prices, despite the challenging global economy.
However, Grieg reduced its harvest projection for 2009 to 54,000 metric tons of fish, of which 2,000 metric tons will be postponed to 2010. The reduction is due to the premature harvest of two Shetland sites affected by the infectious salmon anemia virus and weaker-than-anticipated growth in Norway’s Finnmark region.
The company expects to harvest more than 70,000 metric tons of fish in 2010.