May 8, 2018 / 5:40 AM / 15 days ago

UPDATE 1-Leroy Seafood's Q1 operating profit as expected, sees high earnings in 2018

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May 8 (Reuters) - Leroy Seafood Group ASA:

* Leroey Seafood q1 ebit before fair value adjustment nok 960 million (reuters poll nok 959 million) vs nok 1.28 bln in q1 2017

* Leroey seafood q1 revenue nok 5,000 million (reuters poll nok 5,096 million) vs nok 5.46 bln in q1 2017

* The decline in profit in Q1 2018 when compared with the same quarter in 2017 is mainly attributed to a lower harvest volume and lower prices realised for salmon and trout

* Exclusive of earnings from the Wild Catch segment, this corresponds to an EBIT per kilo before value adjustment related to biological asset in Q1 2018 of NOK 20.8 compared to NOK 25.8 for the same period in 2017

* Reports of a sustained strong, underlying demand for salmon from q4 2017 still apply in 2018.

* Leroey seafood sees 2018 salmon harvest volume 179,000 tonnes including associates versus previous guidance of 182,000 tonnes

* Leroey seafood sees 2018 catch of whitefish and shrimp at about 65,000 tonnes versus 65,000 tonnes in february

* Board of directors currently expects high earnings in q2 2018 and 2018 as a whole.

* Leroey seafood group sees global salmon industry supply growth at 3.7 percent in 2018 versus 5 percent seen in feb

* Leroey seafood group sees norwegian salmon industry supply growth at 5.9 percent in 2018 versus 7.5 percent seen in feb

* Group has identified room for operational improvements in all three regions where group carries out fish farming

* Group’s investments will provide organic growth in volume in all regions, and substantial reductions in production costs in two of regions

* Expected contract share for salmon and trout in q2/18 about 25 percent Source text for Eikon: Further company coverage: (Reporting By Ole Petter Skonnord)

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