Austevoll Seafood has seen both peaks and troughs recently, as the balance sheet positives were eaten away by IFRS adjustments caused by a drop in prices.
In the first quarter of 2011 the market was good for the group's products within the pelagic fishery sector as well as for salmon and trout, being considerably higher compared with the same quarter of 2010. But this surge might have partly sown the seeds of a later slide in the overall picture.
Despite prices for Atlantic salmon and trout continuing to be higher than a year earlier, the second quarter saw a huge IFRS adjustment of NOK 544 million partly due to the substantially lower market prices found on 30 June 2011 when compared with the end of the first quarter.
The group’s fishmeal prices also saw a decline in the second quarter and were lower than in Q2 2010.
This means that although the result before tax and biomass adjustment for Q2 2011 is NOK 633 million (up from the 2010 figure of NOK 495 million) the company's profits before tax, compared to a year earlier, plunged down by NOK 338m to NOK 89 million (EUR 11.4 million).
