Leroy posts record quarter

Leroy Seafood Group on Tuesday reported its second highest quarterly revenue, attributing the increases in operating profit to higher volumes and lower production sales.

The salmon producer posted revenue of NOK 2.41 billion (USD 422 million, EUR 323 million) compared to NOK 2.25 billion (USD 394 million, EUR 302 million) during the same quarter in 2011. Profit also increased in the quarter to NOK 114 million (USD 20 million, EUR 15.3 million) compared to NOK 96 million (USD 16.8 million, EUR 12.9 million) in 2011.

Leroy also posted record harvest totals of 41,000 metric tons gutted weight of salmon and trout. The company reported a 10 percent share of contracts on the salmon market and 16 percent share for trout — lower than usual. Contract prices also rose in the quarter but were in line with those in the fourth quarter of 2011. Over 40 percent of the salmon volume was in October, when prices were at low prices.

Norskott Havbruk (owner of Scotland-based Scottish Sea Farms) saw good prices and lower output costs, resulting in a higher profit for the quarter from a loss of NOK 2.3 million (USD 403,000/ EUR 308,000) in 2011 to a profit of NOK 5.2 million (USD 911,000/EUR 697,000) in 2012.

For the year, the company posted revenue of NOK 9.1 billion (USD 1.6 million, EUR 1,2 million), down slightly from NOK 9.18 billion (USD 1.6 million, EUR 1.2 million) in 2011.


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