Grieg Seafood reports lower profit

NORWEGIAN fish farmer Grieg Seafood posted first quarter operating profit below expectations today.
It said high costs in the company’s European production facilities would continue to influence the company in the second quarter.
The firm said its earnings before interest, taxes and fair value adjustments fell to NOK 70 million ($9.32 million) in the quarter, below a mean forecast for NOK 93 million in a Reuters poll of analysts.
‘Limited supply-side growth is expected to result in a strong market in the period ahead, but with the possibility of regional variations in the short term,’ Grieg said.
‘It is expected high costs for the fish which will be harvested in the company’s European regions in Q2.’
The harvested volume in the second quarter is seen at 16,700 tonnes. The firm said it kept its target to harvest 72,000 tonnes this year and added it will grow further in 2016.