Marine Harvest’s Q3 profits, production increase

Marine Harvest harvested 97,000 metric tons (MT) of salmonids in the third quarter of this year, up 3,000 MT on its forecast for the period, according to the company’s latest trading update.

During the last quarter, the company’s Norwegian operations harvested 64,000 MT of salmon, while its Chilean operations harvested 7,000 MT. Scotland and Canada both harvested 10,000 MT, and a further 6,000 MT was harvested from its other production regions.

The Norway-headquartered salmon producer achieved operational earnings before interest and taxes (EBIT) of EUR 178 million (USD 195.7 million) in Q3 2016, up from EUR 77.9 million (USD 85.6 million) in in the corresponding quarter of 2015. 

Its salmon of Norwegian, Scottish and Canadian and Chilean origin respectively achieved operational EBITs of EUR 2 (USD 2.20), EUR 0.60 (USD 0.66), EUR 2.60 (USD 2.86) and EUR 1.40 (USD 1.54) per kg in Q3 2016.

The trading update stated that the reported net interest bearing debt (NIBD) was approximately EUR 880 million (USD 967.8 million) at the end of the quarter.

As a consequence of biological challenges, Marine Harvest has updated its Q4 harvest forecast to 100,000 MT, with Norway’s production expected to reach 62,000 MT. The expected outputs from Scotland, Canada and Chile in the next quarter are 14,000 MT, 10,000 MT and 7,000 MT respectively.

For 2016 as a whole, it expects the total harvest to amount to 381,000 MT, down 19,000 MT compared to its previous forecast. The latest volume forecast for 2017 is 403,000 MT.

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