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Record prices generate record operating profit

In Q1 2017 Lerøy Seafood Group (LSG) reported operating profit

leroyseafood

 

In Q1 2017 Lerøy Seafood Group (LSG) reported operating profit before fair value adjustments related to biological assets of NOK 1,277 million, compared with NOK 584 million in Q1 2016.

• CEO Henning Beltestad confirms: “For the first quarter of 2017, Lerøy Seafood Group can report their highest revenue and best operating profit of any quarter throughout the Group’s history. The salmon and trout prices have remained very high throughout the first quarter and are the most significant driver behind the record result reported by the Group. However, release from stock costs remain at a high level and we are working hard to reduce these costs,” confirms Henning Beltestad. 

• “With the acquisitions of Havfisk and Norway Seafoods, LSG is now Norway’s largest corporation within whitefish and has a major position within whitefish on a global scale. I am truly impressed by how the Group's employees have adapted to the new organisational structure while continuing to achieve record-high sales,” continues Henning Beltestad. “2017 has gotten off to a great start, and the outlook is very promising. We very much look forward to further developing the market for whitefish,” confirms the CEO.

Lerøy Seafood Group’s revenue increased from NOK 3,815 million in Q1 2016 to NOK 5,459 million in Q1 2017. Compared with Q1 2016, the Group's slaughter volumes of salmon and trout increased by 13%. The Group’s profit before tax and before fair value adjustments related to biological assets was NOK 1,294 million in Q1 2017, compared with NOK 592 million in Q1 2016.
At 31 March 2017, net interest-bearing debt was NOK 2,327 million and the equity ratio was 55%.

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