Grieg sees profit fall with salmon prices

Grieg Seafood on Tuesday posted its second-quarter results, including a drop in operating profit to NOK 142.9 million, down from NOK 175.1 million during the same time period last year.

hile the Norwegian company saw record-high prices for salmon in the first quarter, prices fell considerably in the second part of the quarter to the lowest levels in nearly two years. The decline in prices has been supply-driven.

Total harvest volume for the second quarter, however, increased to 14,282 metric tons.

Grieg also released financial results for the first half of the year, with operating profits falling to NOK 264.5.4 million, down from NOK 290.4 million in 2010. Harvest volume also dropped 17.7 percent to 26,161 metric tons.

The company expects a total harvest of 63,500 metric tons, down 1,500 metric tons from what was previously predicted. Grieg expects to harvest 16,000 metric tons in the third quarter, up 10 percent from the same period in 2010. In the fourth quarter the expected harvest is 21,300 metric tons, up 13 percent from the same period in 2010.

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