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Grieg Seafood Q2 loss widens 74.0% YOY

Grieg Seafood ASA said its normalized net income for the second quarter came to a loss of 74 Norwegian øre per share, compared with the S&P Capital IQ consensus estimate of a loss of 20 øre per share.

The per-share loss increased 57.0% year over year from 47 øre.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 81.2 million kroner, compared with a loss of 46.7 million kroner in the prior-year period.

The normalized profit margin declined to negative 7.1% from negative 4.1% in the year-earlier period.

Total revenue rose on an annual basis to 1.15 billion kroner from 1.13 billion kroner, and total operating expenses grew 6.7% year over year to 1.28 billion kroner from 1.20 billion kroner.

Reported net income totaled a loss of 102.6 million kroner, or a loss of 93 øre per share, compared to a loss of 57.3 million kroner, or a loss of 58 øre per share, in the year-earlier period.

As of Aug. 19, US$1 was equivalent to 8.34 Norwegian kroner.