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Austevoll Seafood swings to profit in Q1

Austevoll Seafood ASA said its normalized net income for the first quarter amounted to 1.20 Norwegian kroner per share, compared with the S&P Capital IQ consensus estimate of 1.25 kroner per share.

The per-share result swung to a profit from the prior-year loss of 14 øre.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 242.0 million kroner, compared with a loss of 29.1 million kroner in the prior-year period.

The normalized profit margin increased to 5.5% from negative 0.8% in the year-earlier period.

Total revenue grew 24.4% year over year to 4.41 billion kroner from 3.55 billion kroner, and total operating expenses came to 3.55 billion kroner, compared with 3.57 billion kroner in the prior-year period.

Reported net income came to 368.5 million kroner, or 1.83 kroner per share, compared to a loss of 20.6 million kroner, or a loss of 10 øre per share, in the prior-year period.

As of May 12, US$1 was equivalent to 8.13 Norwegian kroner.