Revenues up for Austevoll Seafood ASA

Selling prices achieved for Atlantic salmon and trout, pelagic products for consumption, and fish oil in the first quarter of 2011 were higher than in the same quarter of 2010. Good prices were also achieved for fishmeal but more in line with prices achieved in the same period last year.

EBIT before biomass adjustment was NOK 486 million in the quarter (Q1 2010: NOK 309 million). There was a positive IFRS biomass adjustment of NOK 50 million in the first quarter, while the equivalent adjustment for the same quarter of 2010 was a positive amount of NOK 270 million. EBIT after biomass adjustment was NOK 536 million in the quarter (Q1 2010: NOK 579 million).

Income from associated companies was NOK 37 million in the first quarter (Q1 2010: NOK 59 million). The largest associated companies are Norskott Havbruk AS (owner of Scottish Sea Farms Ltd.), Norway Pelagic ASA and Brødrene Birkeland AS.

The Group's net interest expenses in the first quarter of 2011 were NOK -47 million (Q1 2010: NOK -54 million). Profit before tax and biomass adjustment was NOK 472 million in the first quarter, compared with NOK 318 million in the same quarter of 2010. Profit was up 48.4% compared to the first quarter of 2010. Profit before tax for the quarter was NOK 521 million (Q1 2010: NOK 588 million).