Austevoll-owned Peru pelagic fishing giant Austral Group's earnings more than doubled during the first quarter of this year led by higher volumes of fishmeal and fish oil sold.

The company’s earnings before interest, taxes, depreciation and amortization (EBITDA) totaled NOK 140 million (€14.3 million/$16 million).

Sales also doubled compared with the first quarter last year, up to NOK 557 million (€56.7 million/$63.8 million).

Austral carries almost 7 percent of the total quota catch for anchoveta -- used to produce fishmeal and fish oil -- in Central and North Peru and just under 4 percent of the quota for South Peru.

The main fishing seasons for anchoveta are from April to July and November to January. By the end of 2018, the company had already caught 87 percent of its quota of 146,700 metric tons.

Austral kick-started 2019 with a large volume of fishmeal and oil driven by the remaining quota catch for the season.

Sales volumes in the first quarter amounted to 37,600 metric tons, a twofold increase from 18,400 metric tons sold during the first quarter last year.

The second fishing season started on April 28 with a total quota of 2.1 million metric tons, down from 3.3 million metric tons last year.

Fishmeal prices jumped 6 percent this quarter compared to last year’s 29 percent dip in the first quarter, the company said in its financial results.

Austral also tripled mackerel and horse mackerel catches in the first quarter of 2019, up to 17,000 metric tons.

Austral stocks of fishmeal and oil were on the upswing and totaled to 18,400 metric tons in the end of the first quarter compared to only 3,200 metric tons during last year’s first quarter.

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Peruvian fishmeal giant doubles earnings, sales in Q1