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Grieg Seafood Q3 profit climbs YOY

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Grieg Seafood Q3 profit climbs YOY

Grieg Seafood ASA said its normalized net income for the third quarter came to 1.25 Norwegian kroner per share, compared with the S&P Capital IQ consensus estimate of 1.16 kroner per share.

EPS rose year over year from 38 øre.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 137.9 million kroner, an increase from 42.5 million kroner in the prior-year period.

The normalized profit margin rose to 8.9% from 3.4% in the year-earlier period.

Total revenue grew 24.9% on an annual basis to 1.56 billion kroner from 1.25 billion kroner, and total operating expenses climbed 11.4% on an annual basis to 1.28 billion kroner from 1.15 billion kroner.

Reported net income rose on an annual basis to 171.5 million kroner, or 1.55 kroner per share, from 5.7 million kroner, or 5 øre per share.

As of Nov. 11, US$1 was equivalent to 8.42 Norwegian kroner.