Austevoll Seafood ASA Reports Unaudited Earnings Results for the First Quarter Ended March 31, 2017
May 11, 2017 at 01:00 am EDT
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Austevoll Seafood ASA reported unaudited earnings results for the first quarter ended March 31, 2017. For the quarter, the company reported EBITDA was NOK 1,555,345,000 against NOK 885,744,000 a year ago. EBIT was NOK 1,330,883,000 against NOK 695,991,000 a year ago. Pretax profit was NOK 415,660,000 against NOK 907,696,000 a year ago. Diluted earnings per share were NOK 1.03 against NOK 1.83 a year ago. Operating revenue of NOK 6,075 million compared with NOK 4,412 million in first quarter of 2016. The significant increase in revenue is attributed to Farming and whitefish operations. The most important drivers behind the increase in revenue and EBITDA in addition to the acquisition of Havfisk and LNWS are the record high prices for Atlantic salmon and the 11% increase in the harvest volume of salmon and trout when compared with first quarter of 2016. Cash flow from operating activities was NOK 1,731 million against NOK 790 million a year ago. Operating profit was NOK 309,657,000 against NOK 859, 819,000 a year ago. Net profit was NOK 343,370 against NOK 692,654,000 a year ago. Purchase of intangible and fixed assets was NOK 264,390,000 against NOK 157,993,000 a year ago.
Austevoll Seafood ASA (AUSS) is a Norway-based holding company. The Company is involved in pelagic operations within fisheries, production of fishmeal and fish oil, and frozen pelagic consumer products. The Company has sales operations in Norway, Europe, Asia, the USA and South America. Its activities are divided into operating segments and reflect its portfolio companies: Leroey Seafood Group ASA, which is involved in fish farming; Austral Group S.A.A., that is engaged in the production of fishmeal, fish oil, canned fish and frozen fish; Foodcorp Chile S.A., that is engaged in production of frozen fish, canned fish, fishmeal and fish oil.; Br. Birkeland AS, that holds pelagic fishing licences utilised by two purse-seiner fishing vessels; Br. Birkeland Farming AS, that holds seven salmon farming licences in the Western Region of Norway and the joint venture Pelagia Holding AS, that is engaged in production of fishmeal, fish oil, Omega-3 oil and frozen fish for direct human consumption.
AUSTEVOLL SEAFOOD ASA 
