Positive 1Q for Austevoll Seafood

By

SeafoodSource staff

Published on
May 11, 2010

Austevoll Seafood ASA on Wednesday released its first-quarter results, including an increase in operating income to NOK 2.75 billion (USD 447.7 million, EUR 352.7 million), up from to NOK 2.48 billion in the same period last year.

The Norwegian seafood producer attributed its strong first-quarter results in part to higher prices for canned and frozen seafood products, fishmeal and fish oil, salmon trout and especially Atlantic salmon.

The company posted an EBITDA (earnings before interest, taxes, depreciation and amortization) of NOK 431 million USD 70.2 million, EUR 55.3 million) in the first quarter of 2010, up from NOK 337 million in 2009.

Austevoll has a positive outlook on 2010: “The board expects to see a stable high demand for the group’s consumer products in the future, along with good prices. With an increased consumer focus on health, the market for the group’s high-concentrate omega-3 products is expected to continue on a positive trend.

“The development in demand for Atlantic salmon and salmon trout has been positive in 2010,” added the company. “The positive development in 2009 compared with expectations for a reduction in the global supply of Atlantic salmon in 2010, in addition to expectations of a limited growth in the years to come, provide grounds for continued optimism.”

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