Lerøy harvested 11,666 extra tonnes of salmon this Q2

Stian Olsen

Lerøy Seafood harvested 37,822 tonnes of salmon and trout in Q2 2018 against 26,156 tonnes in Q2 2017.

The company released a trading update this morning.

The volume in the quarter is divided into 6,807 tonnes at Lerøy Aurora, 16,047 tonnes at Lerøy Midt and 14,968 tonnes at Lerøy Sjøtroll.

During the same quarter last year, the volume was 8,017 tonnes at Lerøy Aurora, 5,341 tonnes at Lerøy Midt and 12,798 tonnes at Lerøy Sjøtroll.

In line with expectations
Analyst Tore A. Tønseth in Sparebank1 Markets says the update is in line with expectations. 37,822 tonnes of salmon and trout are marginally above the estimate of 36,100 tonnes.

Lerøy Seafood Group expects to harvest around 91,000 tonnes in the second half, which is relatively low compared to other breeders in the country.

“From a price-taking perspective, growth in Lerøy has been very favourable in 2018, since the majority of growth has come in the second quarter when prices are most likely at the highest level this year” Tønseth wrote.

The shares of Lerøy Seafood Group have been down ten percent since the peak in May.

“It starts to look like a candidate for purchase. The only reason we stay is a significant volume increase, which is just around the corner. Campaigns in the EU have almost stopped since April, and we now see the effect and weaker demand and higher volume, “says Tønseth.

Higher volume for deep sea fish
The same message states that the total catch volume for deep-sea fish was 18,190 tonnes in the second quarter, of which 3,817 tonnes of cod. In the same period last year, the figures were 16,769 tonnes, of which 4,067 tonnes of cod.

Depending on biology and temperature, LSG are likely to see a ramp-up towards 25-27kt/week in August and September. With 166kt in full year harvest guiding, LSG expect to harvest around 91kt in the second half.

A complete report for the second quarter will be published on 22 August.


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