Gill health weak­ens Grieg Shet­land Q3

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GRIEG Seafood has re­ported weak­ened third quar­ter earn­ings in both its Shet­land and Bri­tish Columbian op­er­a­tions.

An in­crease in gill re­lated dis­eases in Shet­land and re­cur­ring in­ci­dents of harm­ful al­gal bloom in BC have re­sulted in re­duced sur­vival rate and higher costs, lead­ing to a NOK 50 mil­lion write­down in Q3.

The com­pany said Nor­we­gian op­er­a­tions had per­formed bet­ter than ex­pected dur­ing the quar­ter, how­ever.

Bi­o­log­i­cal per­for­mance in both Fin­n­mark and Ro­ga­land were good, and costs con­tin­ued to de­cline.

In ad­di­tion, GSF Fin­n­mark ac­quired two new lo­ca­tions in Q3, im­prov­ing ca­pac­ity util­i­sa­tion in the area. Quar­terly earn­ings in Ro­ga­land are low due to planned low har­vest vol­umes.

Pre­lim­i­nary fig­ures for the third quar­ter 2018 in­di­cate a to­tal har­vest vol­ume for Grieg Seafood of 16 940 tonnes and a group EBIT per kilo of NOK 9.43.

In Shet­land, Grieg har­vested 4,511 tonnes in the pe­riod, com­pared to 4,391 in Q3 2017, but EBIT/kg was down to NOK -1.21 against NOK 6.03 last year.

In BC, 2,642 tonnes were har­vested com­pared to 2,350 in Q3 last year, and EBIT/kg dropped from NOK 14.18 to NOK 4.55.

Over­all, Grieg Seafood’s har­vested vol­umes in the quar­ter were 16,940 tonnes, up from 16,875 tonnes in the cor­re­spond­ing pe­riod last year. But EBIT/kg fell to NOK 9.43 from NOK 13.59.

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