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BRIEF-Fish farmer Bakkafrost's Q1 profit misses forecast
May 23, 2017 / 4:26 AM / 7 months ago

BRIEF-Fish farmer Bakkafrost's Q1 profit misses forecast

May 23 (Reuters) - Bakkafrost

* q1 operational ebit dkk 335.5 million (Reuters poll dkk 365 million)

* q1 revenues dkk 854 million (Reuters poll dkk 907 million)

* expects to harvest 53,500 tonnes in 2017 (Reuters poll 53,300)

* expects to release 11.5 million smolts in 2017, compared with 11.7 million smolts in 2016 and 11.3 million smolts released in 2015

* Outlook for farming segment is good. Estimates for harvesting volumes and smolt releases are dependent on biological development

* Expectations are that global supply of atlantic salmon will shift from reduced supply into growth of supply in q2 2017

* Latest update from kontali analyse estimates a global supply of atlantic salmon to increase around 2% in 2017, compared to -6% in 2016

* Has signed contracts covering around 39% of expected harvested volumes for rest of 2017

* Price level on long-term contracts are on a higher level than ever before, there are, however, no indications that this price level should decrease significantly

* Havsbrún’s sales of fish feed in 2017 are expected to be at 85,000 tonnes

* Farming segment made an operational ebit of dkk 373.2 million for q1 2017, which corresponds to nok 34.27 per kg

* Vap segment made an operational ebit of dkk -53.0 million for q1 2017

* Vap segment continued to have negative results, primarily due to high salmon spot prices

* Combined farming and vap segments made an operational ebit of dkk 320.2 million for q1 2017, which corresponds to nok 29.40 per kg

* Fof segment (fishmeal, oil and feed) made an operational ebitda of dkk 45.1 million for q1 2017 Source text for Eikon: Further company coverage: (Reporting By Terje Solsvik)

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