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-The Scottish Salmon Q3 pretax profit grows to GBP8.45m.

NORDIC BUSINESS REPORT-November 25, 2010--The Scottish Salmon Q3 pretax profit grows to GBP8.45m(C)2010 M2 COMMUNICATIONS http://www.m2.com

25 November 2010 - The Scottish Salmon Company Ltd (OSL: SSC) said today its pretax profit had risen to GBP8.45m in the third quarter of 2010, driven by fair value gains and goodwill related to an acquisition.

In the same period of 2009, pretax profit was GBP3.78m.

In the reporting period, the company booked GBP2.7m in gain on biomass fair value and GBP1.2m goodwill arising from the acquisition of West Minch Salmon Ltd.

EBIT doubled to GBP8.78m from GBP4.29m.

Profit before value adjustment of the biomass edged up to GBP4.82m from GBP4.29m.

EBITDA increased to GBP6.07m from GBP5.27m.

Net operating revenue totalled GBP20.62m, flat on a year earlier.

The Scottish Salmon Company is the new brand and trading name of the Lighthouse Caledonia ASA group. In the reporting period, the group was restructured and Scottish Salmon became the new holding company.

The company expects its harvest volume to be around 24,000 tonnes in 2010, with the highest volume to be harvested in the fourth quarter. The harvest volume is projected to decline in 2011 to about 22,000 tonnes due to ongoing cyclical site stocking patterns.

Still, the overall outlook remains positive, the company said.

(EUR1 = GBP0.8)

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Title Annotation:Scottish Salmon Company Ltd
Publication:Nordic Business Report
Article Type:Brief article
Geographic Code:4EUUK
Date:Nov 25, 2010
Words:242
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