Seafood Group's Results Improve – Fishupdate.com

Seafood Group’s Results Improve Fish Farming Today Published:  09 May, 2003

THE Fjord Seafood Group’s first-quarter 2003 operating revenues were NOK 903.2 million, up NOK 6.6 million (+1.0%), compared with the first quarter of 2002.

The first-quarter 2003 operating profit (after depreciation) was NOK -29.6 million, a NOK 10.2 million (+26%) improvement over the first quarter of 2002. Pre-tax profit was NOK –72.3 million for the first quarter of 2003, an improvement of NOK 18.3 million (+20.2%), compared with the first quarter of 2002.

The Fjord Seafood Group’s operating revenues of NOK 903.2 million for the first quarter of 2003 were NOK 160 million (15%) lower than the pro-forma operating revenues for the first quarter of 2002. (For comparability, the pro forma figures for 2002 show the Pieters Group as a wholly-owned subsidiary.) The first-quarter 2003 operating profit (after depreciation) was NOK -29.6 million, which is a NOK 9.8 million improvement over the pro forma first-quarter 2002 operating profit (after depreciation).

The group says first quarter of 2003 was a difficult period, in part due to low market prices for salmon in Europe and Asia. In addition, extremely cold weather in the United States (Superchill) destroyed fish in the sea at several facilities in January and February. The poor overall economic situation led to weaker demand for processed products in all of the group’s markets. The restaurant business has been hit hard by the economic slump, and salmon sales to this important market segment have declined dramatically.