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Grieg Seafood swings to loss in Q1

Grieg Seafood ASA said its first-quarter normalized net income came to a loss of 43 Norwegian øre per share, compared with the S&P Capital IQ consensus estimate of 42 øre per share.

The per-share result swung to a loss from the prior-year profit of 36 øre.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 47.0 million kroner, compared with income of 44.5 million kroner in the prior-year period.

The normalized profit margin declined to negative 4.6% from 4.4% in the year-earlier period.

Total revenue totaled 1.02 billion kroner, compared with 1.02 billion kroner in the year-earlier period, and total operating expenses increased 14.9% year over year to 1.07 billion kroner from 933.3 million kroner.

Reported net income came to a loss of 56.3 million kroner, or a loss of 51 øre per share, compared to income of 56.0 million kroner, or 46 øre per share, in the prior-year period.

As of May 11, US$1 was equivalent to 7.55 Norwegian kroner.