Marine Farms’ Belize cobia farms for sale

Marine Farms ASA has put its cobia-farming operations in Belize up for sale.

The decision comes as the Norwegian company posted a second-quarter operating loss of NOK 44.5 million (USD 7.1 million, EUR 5.6 million) at its cobia-farming operations in both Belize and Vietnam, compared to an operating loss of NOK 17 million during the same period last year. Included in the results is a write-down of assets in Belize amounting to NOK 37.3 mill.

However, companywide, Marine Farms second-quarter and first-half results were strong. Revenue increased 36 percent to NOK 289 million in the second quarter of 2010 and jumped 25 percent to NOK 509 million in the first half of 2010.

EBIT (earning before interest and taxes), or operating income, came to NOK 41.7 million in the second quarter of this year, up from NOK 26.0 million in the second quarter of 2009.

Marine Farms attributed its second-quarter results to historically high prices and increased production of salmon in the United Kingdom combined with high prices for sea bass and sea bream in Spain.

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