Big harvest sinks Marine Harvest’s 1Q earnings
A big increase in production sunk Marine Harvest’s operating earnings before interest and taxes (EBIT) in the first quarter of 2012.
On Monday, the world’s largest salmon farmer reported that operating EBIT totaled approximately NOK 270 million, compared to NOK 963 million in the corresponding period in 2011.
Marine Harvest harvested 97,000 metric tons of salmon (head-on, gutted) in the first quarter of 2012, up from 89,000 metric tons in the fourth quarter of 2011 and up from 76,000 metric tons in the first quarter of 2011.
Marine Harvest Norway represented for the vast majority of the harvest at 63,000 metric tons, followed by Canada at 11,000 metric tons, Chile at 10,000 metric tons and Scotland 9,000 metric tons. For Chile, that’s a 6,000-metric-ton increase from the same period in 2011.