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Austevoll Seafood swings to loss in Q1

Austevoll Seafood ASA said its normalized net income for the first quarter was a loss of 14 Norwegian øre per share, compared with the S&P Capital IQ consensus estimate of 70 øre per share.

The per-share result swung to a loss from the prior-year profit of 28 øre.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 29.1 million kroner, compared with income of 56.5 million kroner in the prior-year period.

The normalized profit margin declined to negative 0.8% from 1.6% in the year-earlier period.

Total revenue declined year over year to 3.55 billion kroner from 3.64 billion kroner, and total operating expenses came to 3.57 billion kroner, compared with 3.54 billion kroner in the prior-year period.

Reported net income came to a loss of 20.6 million kroner, or a loss of 10 øre per share, compared to income of 95.9 million kroner, or 48 øre per share, in the prior-year period.

As of May 13, US$1 was equivalent to 7.37 Norwegian kroner.