Austevoll pelagic fishery. (Photo: Austevoll Seafood)

Austevoll reports losses in fourth quarter due to impact of low catches in Peru

Austevoll Seafood closed in red the fourth quarter of last year, a result attributed to lower salmon prices and the early closing of the second anchovy fishing season in Peru.

The group´s operating revenue in the last quarter of 2017 was NOK 4,802 million (USD 612.5 million), compared with NOK 5,330 million (USD 680 million) in in the same period in 2016.

Both aquaculture and fisheries operations generated less income in the last three months of last year, compared to the same quarter of the previous year.

In the case of the aquaculture division, the decrease was due to the lower prices of Atlantic salmon.

In the wild catch segment, revenues decreased due to the fact that the second fishing season in Peru was closed a few days after it was opened on November 23, 2017. The abrupt end of the season was due to the presence of excessive quantity of anchovy of size smaller than the minimum size allowed, and the fishery was reopened in January 2018.

According to Austevoll, the low catches obtained in Peru in the second season of 2017 turned that year into "the worst" in terms of the company's capture volumes in that region.

EBITDA achieved in the fourth quarter was NOK 819 million (USD 104.5 million), which decreased from NOK 1,301 million (USD 166 million) reported in the same quarter of 2016.

EBIT before fair value adjustment related to biological assets in the fourth quarter in 2017 was NOK 584 million (USD 74.5 million), but in that period in 2016 was NOK 931 million (USD 118.7 million).

EBIT after fair value adjustment related to biological assets in the fourth quarter 2017 was NOK -418 million (USD -53.3 million),far below NOK 2,565 million USD 327 million) that Austevoll reported in the fourth quarter of 2016.

Income reported from associates in Q4 2017 was NOK 143 million (USD 18 million), compared to NOK 152 million (USD 19.3 million) in the same period the previous year.

Profit before tax for the quarter totalled NOK -361 million (USD -46 million), while in the same period in 2016 it was NOK 2,658 million (USD 339 million). The result after tax was a loss of NOK 181 million (USD 23 million), but in the last quarter of 2016 it showed a profit of NOK 2,149 million (USD 274 million).

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