Austevoll Seafood ASA (AUSSO.OL) Thursday reported a loss before tax of NOK 610 million for the first quarter compared with a profit before tax of NOK 1.085 billion in the same quarter a year ago, primarily due to fair value adjustment related to biological assets.
Fair value adjustment related to biological assets was loss of NOK 1.838 billion in the latest quarter compared with a gain of NOK 62 million last year.
Operating loss (EBIT) was NOK 464 million versus profit of NOK 1.245 billion in the prior year.
EBIT before fair value adjusted biomass increased to NOK 1.429 billion NOK 1.221 billion last year.
Adjusted EBITDA, or adjusted earnings before interest, taxes, depreciation, and amortization rose to NOK 1.938 billion from NOK 1.660 billion in the prior year.
The company posted net loss of NOK 195 million or NOK 0.1 per share compared with profit of NOK 739 million or NOK 2 per share a year ago.
On an adjusted basis, EPS increased to NOK 2.7 from NOK 1.8 last year.
Operating revenue and other income grew to NOK 9.793 billion from NOK 8.374 billion in the previous year.
The company's Board plans to recommend a dividend of NOK 6.50 per share for 2024, to be paid around June 12.
Commenting on the impact of tariffs, the company said in a statement, "The seafood industry is highly international and based on global trade. In general, trade restrictions are therefore negative for the industry and for Lerøy.... Lerøy has a strong position in many markets, including both the Norwegian and European markets, and the industry has historically shown great resilience to these types of challenges. The impact so far
seems limited, but an escalation of import duties represents a risk."
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