Lerøy Seafood Group,a Norway-based seafood producer,has reported that its operating income before fair value adjustment of biomass decreased by 68.7%to NOK137.7m(EUR18.8m),compared to NOK440.3m(EUR60.36m)for the same period in 2011.
The company posted 3.7%decrease in net sales to NOK2.3bn(EUR316.2m)for the period,compared to NOK2.39bn(EUR328.6m)in 2011.
Lerøy Seafood Group said that the decline in operating profit before fair value adjustment of biomass is attributed to lower prices achieved for the Atlantic salmon and salmon trout.
Norskott Havbruk which is 50%owned by Lerøy Seafood Group,owner of Scotland-based Scottish Sea Farms,has posted 57.6%decline in net earnings for the period to NOK17.7m(EUR2.42m),compared to NOK7.5m(EUR1.02m)in 2011.
The Group's profit before tax and fair value adjustment of biomass for the period was NOK123.4m(EUR16.91m),compared to NOK439.3m(EUR60.22m)in 2011.
The supply of Atlantic salmon is expected to decrease during the second half of the year,the company said.
"Good demand together with expectations for improved productivity in the group's production facilities,including improved biology,provides justification for the Board's positive attitude towards the group's development,"Lerøy added.
