NORWAY: Leroy Seafood books "record" FY profits
Norway-based Lerøy Seafood Group has said "strong" earnings in the fourth quarter of 2013 led the company to record profits for the year as a whole.
The company booked a net profit of NOK950.9m (US$157.8m) in the three months to the end of December - almost treble that generated in the fourth quarter of 2012.
Operating profit jumped from NOK479.1m to NOK1.21bn. Without the benefit of the fair value adjustment of biomass, Lerøy Seafood's fourth-quarter operating profit was still up sharply, rising from NOK135.6m to NOK424.6m.
The higher profits came on the back of record fourth-quarter revenues, Lerøy Seafood said. Turnover reached NOK3.23bn, compared to NOK2.41bn a year earlier.
The company said prices for Atlantic salmon and trout were higher versus the fourth quarter of 2012.
Lerøy Seafood said the "substantial" increase in prices helped drive its annual turnover to NOK10.77bn, the first time the company had seen sales climb above NOK10bn.
The group achieved a record-high operating profit before value adjustment of biomass in 2013 of NOK1.62bn, compared with NOK450m in 2012.
Annual net profit was NOK1.73bn, against NOK480.8m in 2012.
Looking ahead, Lerøy Seafood said its board "anticipates a stronger operating profit before biomass adjustment" in the first quarter of 2014 when compared to the fourth quarter of 2013.
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