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BRIEF-Grieg Seafood Q2 EBIT beats forecast, cuts 2017 output target
August 24, 2017 / 4:08 AM / 3 months ago

BRIEF-Grieg Seafood Q2 EBIT beats forecast, cuts 2017 output target

Aug 24 (Reuters) - Grieg Seafood Asa

* Q2 ebit before adjustment nok 392 million (Reuters poll nok 380 million)

* Q2 harvest 18,503 tonnes (reuters poll 18,100 tonnes)

* 2017 harvest guidance 67,000 tonnes versus 70,000 tonnes seen in may (reuters poll 68,800 tonnes)

* Harvest volume for q3 2017 is expected to be 16,500 tons

* Harvest volume for 2017 as a whole is expected to be 67,000 tons, which is 3,000 tons less than previously indicated. This must be considered in light of biological situation in shetland

* Supply of salmon is expected to increase in q3 2017, which may put prices under pressure

* Fixed price contracts for norway accounted for 18 % of sales in q2 2017. This share is expected to be 32 % in q3 2017

* For 2017 as a whole, it is estimated that fixed price contracts will account for 25 % of total. Work is also in hand pertaining to contracts for 2018

* Company will be aiming to increase production by 10 % annually in period through 2020

* Company is planning to set out 26 million smolt in 2017, which is an increase of 28 % compared to 2016

* After first half-year gsf are on track on plan. So far 10 million smolt have been set out

* Q2 revenue nok 2,030 million (Reuters poll nok 1,851 million) Source text for Eikon: Further company coverage: (Reporting By Terje Solsvik)

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