Grieg Seafood on Monday released its third-quarter results, including an operating profit of NOK 105.1 million (USD 18.1 million, EUR 13 million), up from just NOK 5.5 million during the same period last year.
The Norwegian company attributed the increase to a “very strong salmon market” with “historically” high prices. “The only exception was the American market where prices during the quarter were low due to a record high [catches] of Pacific salmon,” said the company.
However, in Norway, margins per kilogram of fish were negatively affected by reduced production in the third quarter.
Still, Grieg, which operates farms in Norway, Scotland and Canada, expects to harvest 65,000 metric tons of salmon this year, which is on par with its pre-2010 projections. The company expects to yield 63,000 metric tons in 2011 and 72,000 metric tons in 2012.
“The strong salmon market is expected to continue. The improvement in the biological situation in Chile is expected to result in more offers from Chile from the end of 2011,” said the company. “However, there is nothing to indicate that there will be strong growth in Norwegian production in the next few years. Combined with further good demand in the major salmon markets and increasing demand in growing markets, this means that the market prospects for salmon are good in both the short and the longer term.”
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