Bakkafrost drops as low harvest volumes harm Q2 EBIT

Austevoll Seafood ASA

17/07/2023 08:34

** Shares in Bakkafrost  BAKKA.OL  drop 9% to the bottom of
Europe's STOXX 600 index  .STOXX  after the Norwegian fish
farmer warned on Q2 EBIT and cut FY harvest volume outlook on
Sunday
    ** The company flags lower than expected Q2 operational EBIT
of around DKK 353 mln ($53.3 mln) based on preliminary results
    ** It cites extraordinarily low harvest volumes in the
Faroese farming segment, reduced average weight of the harvested
fish, and exceptional mortality costs as the reasons for the
lower profit
    ** The low harvest volume harmed the cost of harvested fish
as fixed costs were less diluted on the harvest volume, the
company says
    ** Bakkafrost cuts 2023 harvest volume outlook to 63,000
tonnes in the Faroe Islands, keeping the outlook for Scotland
unchanged
    ** Shares in peers Mowi  MOWI.OL , SalMar  SALM.OL , Grieg
Seafood  GSFG.OL  and Austevoll Seafood  AUSS.OL  are down
between 1.4% and 3% 
    ** The Bakkafrost stock is on track for worst day since
Sept. 29, 2022

($1 = 6.6283 Danish crowns)

 (Reporting by Agata Rybska)
 ((Agata.rybska@thomsonreuters.com))