Impressive 1Q for Marine Harvest

Marine Harvest ASA on Wednesday released its first-quarter results, including an operational EBIT (earnings before interest and taxes) of NOK 608 million (USD 100.5 million, EUR 77.7 million), up more than four-fold from the same period last year.

The world’s largest farmed salmon producer also posted operating revenues of NOK 3.43 billion (USD 567.1 million, EUR 438.5 million) in the first quarter of 2010, up from NOK 3.3 billion in the first quarter of 2009. Net earnings totaled NOK 626 million (USD 103.5 million, EUR 80 million) in the first quarter of 2010, compared to NOK 217 million last year.

“Our first quarter results confirm the favorable market balance, with continued strong demand in key markets and limited global supply. Also in this quarter, we achieved operational improvements in Norway, VAP Europe, Canada and Chile,” said Thomas Farstad, acting CEO of Marine Harvest.

Higher salmon prices more than compensated for a 4 percent drop in production, from 76,177 metric tons in the first quarter of 2009 to 73,061 metric tons in the first quarter of 2010.

The Norwegian company expects to harvest 298,000 metric tons of farmed salmon in 2010, 68,000 metric tons of which is expected to be harvested in the second quarter.

“We expect a strong market for salmon in 2010 and 2011 and have recently entered into sales contracts confirming the strength of the market. There should also be a potential for improvement in achieved prices through a better organized and more coordinated sales function, including VAP sales activities,” said Farstad.

All Aquaculture stories >

Subscribe

Want seafood news sent to your inbox?

You may unsubscribe from our mailing list at any time. Diversified Communications | 121 Free Street, Portland, ME 04101 | +1 207-842-5500
None