€30 million reduced profit for Austevoll Seafood

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As a function of lower sales earnings, Austevoll Seafood saw its earnings drop.

The fisheries conglomerate – a majority owner of Norwegian seafood company Lerøy- had sales of just under EUR 570 million and had an EBITDA of EUR 117 million in the first quarter. This is a decrease from EUR 147 million in the corresponding quarter last year.

“The decline in revenue and EBITDA was mainly generated by a lower sales volume for Atlantic salmon when compared with the same quarter in 2018. EBIT before fair value adjustment related to biological assets in Q1 2019 was NOK 837 million (EUR 85.2 million) – Q1 2018: EUR 124 million. The figures for Q1 2018 included a non-recurring sales gain on the sale of vessels and licences totalling NOK 157 million (EUR 16 million),” wrote Austevoll Seafood in a stock exchange announcement on Tuesday morning.

Income from related activities was EUR 13.3 million in the quarter.

“The largest associates are Norskott Havbruk AS and Pelagia AS. The Group’s associates generate good results, are significant enterprises in their segments and represent substantial values for Austevoll Seafood,” the company added.