Leroy Seafood posts FY profit fall despite sales growth - Just Food
Join Our Newsletter - Get important industry news and analysis sent to your inbox – sign up to our e-Newsletter here
X

Leroy Seafood posts FY profit fall despite sales growth

23 Feb 2016

Leroy Seafood has reported a fall in full year operating profit, driven by the continued trade challenges in Russia and an earlier salmon harvest in Norway.

Leroy Seafood posts FY profit fall despite sales growth

Leroy Seafood has reported a fall in full year operating profit, driven by the continued trade challenges in Russia and an earlier salmon harvest in Norway.

For the year despite revenues increasing 7% to NOK13.5bn (US$1.6bn), EBIT fell to NOK1.4bn from NOK1.8bn.

Earnings per share closed at NOK19.4 compared with NOK24 for the full-year period.

Leroy noted particular challenges in the fourth quarter where again revenues were lifted 9% to NOK3.6bn from NOK3.3bn thanks to higher prices for Atlantic salmon.

“At the same time, two factors in particular have had a negative impact on group earnings in the quarter. One is the sustained political trade barriers involving import of trout into Russia that have had a negative effect on prices realised. The second is the early harvest of salmon in Central Norway that has had a negative effect on both costs and prices realised,” said CEO Henning Beltestad.

EBIT for the quarter fell 19% to NOK353m.