Malek: Morpol ‘satisfied’ with 1Q results
Morpol CEO Jerzy Malek expressed satisfaction with his company’s first-quarter results, released on Wednesday.
Facing lower salmon prices, the Poland-based salmon farmer and processor managed to post first-quarter operating revenues of EUR 119.2 million, down EUR 7.9 million from the same period last year, which the company attributed to a 5 percent drop in processing revenues due to lack of revenues from contract processing.
However, the company’s first-quarter operating EBIT amounted to EUR 9.7 million, up EUR 9.6 million from the same period last year.
For Morpol’s processing division, first-quarter revenues came to EUR 98.0 million, down from EUR 103.5 million in 2011. For its farming division, revenues were the same as last year at EUR 31.6 million. Sales volume, excluding contract processing fell 3 percent from the first quarter of 2011 to the first quarter of 2012.
“I am satisfied with the performance,” said Malek. “Processing delivered an operating EBIT margin close to 9 percent, which is good considering the increasing raw material costs and decreasing consumer prices for our products. Salmon farming performance was acceptable with an operating EBIT of 7 percent. We remain well positioned for good performance going forward following our significant investments in processing and farming.”