Norway Royal Salmon AS said its normalized net income for the first quarter came to a loss of 65 Norwegian øre per share, compared with the S&P Capital IQ consensus estimate of 1.11 kroner per share.
The per-share result swung to a loss from the prior-year profit of 29 øre.
Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 28.3 million kroner, compared with income of 12.8 million kroner in the year-earlier period.
The normalized profit margin declined to negative 3.7% from 1.8% in the year-earlier period.
Total revenue rose 9.3% on an annual basis to 760.1 million kroner from 695.4 million kroner, and total operating expenses increased 18.9% from the prior-year period to 792.2 million kroner from 666.3 million kroner.
Reported net income totaled a loss of 62.7 million kroner, or a loss of 1.44 kroner per share, compared to income of 2.7 million kroner, or 6 øre per share, in the year-earlier period.
As of May 12, US$1 was equivalent to 7.47 Norwegian kroner.
