Record prices generate record operating profit

Lerøy Seafood Group (LSG) posted an operating profit before fair value adjustment of biomass of NOK 584 million in Q1 2016, compared with NOK 404 million in Q1 2015. This is equivalent to operating profit before biomass adjustment of NOK 15.3 per kg compared with NOK 11.5 per kg in the same period last year. 

“The price for Atlantic salmon has been high in the first quarter, and prices for trout have also improved significantly from 2015. With realised prices as the key driver, operating profit for the first quarter of 2016 is the highest in the Group’s history. We’re satisfied with the earnings level, but see many areas where we can improve. These are our core focus” says CEO Henning Beltestad.

In Q1 2016, Lerøy Seafood Group reported revenue of NOK 3,815 million, compared with NOK 3,268 million in the same period in 2015. Compared with Q1 2015, the Group's slaughter volumes of salmon and trout increased by 9%. The Group’s profit before tax and before fair value adjustment of biomass was NOK 592 million in Q1 2016, compared with NOK 390 million in Q1 2015.
Net interest bearing debt was reduced by NOK 502 million in the quarter, and was NOK 2.092 million the 31 March 2016. The equity ratio end quarter was 57%.

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