Nordic seafood group Leroy Seafood has booked a sharp increase in first-quarter earnings, driven by price increases for Atlantic salmon and trout, and lower production costs.
In the three months to the end of March, the company recorded earnings of NOK423.7m (US$72.2m), up from NOK130.3m last year.
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Operating profit reached NOK578.4 versus NOK197.1m in the prior year, boosted by a NOK53.7m gain on the sale of assets in Chile.
Revenues reached NOK2.33bn, a 7.9% increase on the comparable period last year.
“The strong growth in the global supply of Atlantic salmon experienced over the last couple of years has declined in 2013. This has paved the way for a significant increase in prices for Atlantic salmon and trout, and allows for an optimistic outlook,” the company said.
Click here to view the full earnings release.
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