Lerøy brings in £464m in second quarter
Lerøy Seafood Group (LSG), which owns 50% of Scottish Sea Farms, reported revenue of NOK5,042 million (£464m) for the second quarter of 2018, compared with NOK4,224m in Q2 2017.
Operating profit before fair value adjustment related to biological assets was NOK1,000m (NOK801m Q2 2017), an increase mainly attributed to a higher harvest volume for salmon and trout.
LSG divides its business into three segments: wildcatch and white fish, farming, and value added products, sales and distribution (VAPSD).
Revenue for the farming segment was NOK2,424m (NOK1,731m Q2 2017), and EBIT – or operating profit – was NOK833m (NOK613m Q2 2017).
Prices lower for trout
EBIT per kilogram was slightly lower at NOK22 (NOK23.4 Q2 2017) as a result of prices for trout being lower than for salmon and because salmon from Lerøy Sjøtroll located in Hordaland were downgraded.
The farming segment harvested a total of 38,000 tonnes gutted weight of salmon and trout in Q2 2018, up 45% from the same period in 2017, when harvest volume was extraordinarily low.
LSG currently expects to harvest 166,000 tonnes in 2018 in Norway, compared with 158,000 tonnes in 2017.
