Earnings for Norwegian seafood giant Austevoll Seafood took a hit from lower prices and higher release from stocking costs for Atlantic salmon and trout. Lower catch and sales volumes for pelagic operations also contributed to the lower third-quarter earnings.

The group's overall earnings before interest, tax, depreciation and amortization (EBITDA) fell 11 percent to NOK 901 million (€89.4 million/$98.5 million), compared to the same period last year.

Revenues, on the other hand, increased 8 percent year-on-year to NOK 5.7 billion (€565.3 million/$622.9 million).

Austevoll owns or has joint ownership of several subsidiaries across the farming, wild-capture and feed sectors, including Austral, Foodcorp Chile, Br. Birkeland and Pelagia in the pelagics sector as well as Leroy Seafood Group in salmon farming and wild-caught whitefish.

In the third quarter, the group harvested more Atlantic salmon and trout compared to the same quarter last year, however, the spot price for salmon was NOK 6.2 (€0.61/$0.68) per kilo less this year compared to last.

Austral Group

The Peruvian fishmeal producer Austral Group saw earnings drop 34 percent to NOK 104 million (€10.3 million/$11.4 million) in the third quarter, due to the fishing season closing significantly later than in 2018, pushing a large volume of the harvest to this year's fourth quarter.

Additionally, the company faced seasonal lows for its pelagic segments, since the season in Peru just opened Nov. 16.

The quota is set at just under 2.79 million metric tons. The figure represents a 33 percent increase compared with the Peru's 2018 second season, when total allowable catch (TAC) was set at 2.1 million metric tons, of which almost 100 percent was caught.

Foodcorp Chile

Fish oil and fishmeal producer Foodcorp Chile was given leverage after regulators of fisheries in Chile gave fleets a greater flexibility to fish in all the country's regions.

Foodcorp Chile's quota for horse mackerel increased to 8.4 percent as a result. The company caught 13,500 metric tons in the third quarter, 36 percent more compared to last year.

However, earnings fell more than 75 percent to NOK 3 million (€297,539/$327,831), due to a fall in prices and sales.

Birkeland

The fisheries company Birkeland saw earnings increase 37 percent to NOK 22 million (€2.2 million/$2.4 million) compared to last year, because the postponed start-up for herring fishing in the North Sea showed results in the third quarter.

Usually, the third quarter in a low season for pelagic fishing.

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For Leroy's earnings, click here

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Finance

Austevoll earnings feel strain of low prices