Norwegian seafood company Lerøy Seafood Group has recorded a drop in first-half profits amid “substantially lower prices” for its main products, Atlantic salmon and salmon trout.
Net earnings in the six-month period amounted to NOK15m (US$2.6m) compared to NOK36.6m recorded in the first half of 2011, the company reported today (22 August).
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The group’s operating profit, before fair value adjustment of biomass, was NOK240.8m in the first half, a 72.8% drop on last year.
Lerøy blamed the drop in profit on “substantially lower prices for the group’s main products, Atlantic salmon and trout, compared with the same period last year”.
Sales in the period dropped to NOK4.47bn, a decline of 3.3% on last year.
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By GlobalData
