Marine Harvest’s Q4 profits fall, higher costs for Scottish plant

Norway-based salmon farmer Marine Harvest achieved operational earnings before interest and taxes (EBIT) of NOK 850 million (EUR 87.4 million; USD 95.2 million) in the fourth-quarter of 2015, down from more than NOK 1 billion (EUR 102.8 million; USD 112 million) in the corresponding period of 2014.

According to the company’s latest trading update, the start-up costs for its new Rosyth processing plant in Scotland have been higher than previously expected and impacted results negatively by approximately NOK 70 million (EUR 7.2 million; USD 7.8 million) in the last quarter. This saw its salmon of Scottish origin achieved an operational EBIT of NOK -0.90 (EUR -0.09; USD -0.10) per kg in the period.

Meanwhile, its salmon of Norwegian origin achieved an operational EBIT of NOK 12.10 (EUR 1.24; USD 1.36) per kg, and its salmon of Canadian and Chilean origin reported operational EBITs of NOK 3.30 (EUR 0.34; USD 0.37), and NOK -12.30 (EUR -1.26; USD -1.38), respectively.

The total volume harvested by the group in the quarter was 111,000 metric tons (MT) gutted weight equivalent (GWE), including 67,000 MT from Norway, 14,000 MT from Scotland, 9,000 MT from Canada and 15,000 MT from Chile.

It had previously given a guided total harvest volume of 115,000 MT for Q4.

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