Chile, Canada drive Cermaq’s 2Q results
Thanks to Chile’s recovery and Canada’s strong results, Cermaq ASA on Thursday reported an NOK 215 million increase in operating income in the second quarter of 2011, to NOK 318 million. The Norwegian company, one of the world’s largest salmon producers, also posted an NOK 555.2 million increase in operating revenues in the second quarter, to NOK 2.56 billion.
Mainstream, the company’s salmon-farming division, had revenues of NOK 715.5 million in the second quarter of 2011, up from NOK 665.4 million in the second quarter of 2010, and an operating income of NOK 213.4 million, up from NOK 174.2 million. About 17,500 metric tons of salmon were sold in the second quarter of 2011, compared to 16,600 metric tons during the same period last year.
As for Mainstream Chile, it sold 4,100 metric tons of salmon in second quarter of 2011, a significant improvement from the second quarter of 2010, and approximately 50 percent was sold to Brazil, taking advantage of better prices compared to other markets.
Mainstream Canada harvested 6,300 metric tons in the second quarter of 2011, up an impressive 50 percent from the second quarter of 2010.
“Our operation in Mainstream Canada has this quarter delivered very strong results,” said Cermaq CEO Geir Isaksen, who’s leaving the company at the end of August to become CEO of Norway’s largest transportation group. “This is a combination of higher volumes and good biological performance for the harvested sites.”
Meanwhile, EWOS, the company’s fish-feed division, had revenues of NOK 2.12 billion in the second quarter of 2011, up NOK 602.8 million from the second quarter of 2010, while 245,000 metric tons of fish feed were sold in the second quarter of 2011, up 34 percent.
“This quarter we are particularly pleased with the strong performance in EWOS from a solid volume growth as well as the results of the feed business unit’s focus on research based product development,” said Isaksen.
Also on Thursday, Cermaq announced that its board has initiated the search for a new CEO but that the position may not be filled by the end of Isaksen’s tenure.