Icelandic seafood group Icelandic Group hf posts Q1 operating profit of EUR7.32m

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May 16, 2008 (NORDIC BUSINESS REPORT via COMTEX) -- -- Icelandic seafood group Icelandic Group hf (OMX Reykjavik: IG) issued its first quarter report on Thursday (15 May), posting an operating profit (EBIT) of EUR7.32m, as compared to EUR9.51m in the first quarter of 2007.

Sales amounted to EUR321.08m, as compared to EUR385.16m in the first quarter last year.

Icelandic group said that both sales and profits were negatively affected by the strengthening of the euro against other major currencies, but the company also blamed the lower sales figure on its asset sales and the "world economical recession".

Icelandic Group, headquartered in Reykjavik, Iceland, is a holding company controlling an international network of production and marketing companies selling frozen seafood products on the international markets. The group has some 4,900 employees worldwide and reported sales of EUR1,471m in 2007.

One British pound (GBP) is worth approximately 1.26 euros (EUR).

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