Grieg Seafood: Falls after Q2 miss

Grieg Seafood ASA

18/08/2020 08:36

** Shares in Norway-based salmon farmer Grieg Seafood
 GRIA.OL  are down 5% after worse-than-expected quarterly
results  urn:newsml:reuters.com:*:nFWN2FJ10L
    ** The company reports Q2 adjusted EBIT of NOK 3 million
($339,343.48) against DNB Markets and consensus expectations of
NOK 33-39 million and down from NOK 302 million a year ago
    ** According to DNB reported numbers were impacted by, among
other things, legal costs connected to the Newfoundland business
    ** Due to reduced growth in Finnmark and expected sluggish
market prices, Grieg Seafood has decided to postpone some
harvest to 2021, reducing expected 2020 harvest volume by 5% to
95,000 tonnes 
    ** The company's shares are poised for their worst day in
five months


($1 = 8.8406 Norwegian crowns)

 ((joanna.wodzicka@tr.com))