Marine Harvest’s fourth-quarter profits tumble despite increased salmon production

Published on
January 17, 2018
Marine Harvest salmon

Norway-headquartered salmon farmer Marine Harvest achieved operational earnings before interest and taxes (EBIT) of EUR 177 million (USD 216.2 million) in the fourth-quarter of last year, which was EUR 82 million (USD 100.2 million) less than it posted for the corresponding period of 2016. 

Though down significantly, the latest EBIT was still almost double the EUR 90 million (USD 110 million) achieved in Q4 2015.

According to the company’s latest trading update, the operational EBIT of its salmon of Norwegian origin in Q4 2017 fell to EUR 1.75 (USD 2.14) per kg from EUR 2.70 (USD 3.30) a year previously. Operational EBIT declines were also seen in its salmon of Scottish, Canadian, and Chilean origin, which amounted to EUR 1.20 (USD 1.47), EUR 1.00 (USD 1.22) and EUR 1.00 per kg respectively.

Its operational EBIT for salmon of Irish and Faroese origin amounted to EUR 2.75 (USD 3.36) and EUR 3.00 (USD 3.67) per kg respectively.

The total volume harvested by the group in the last quarter was 113,000 metric tons (MT) gutted weight equivalent (GWE), up from 100,000 MT in Q4 2016 and 111,000 MT in Q4 2015. 

Its total volume in Q4 2017 comprised 66,500 MT from Norway, 13,000 MT from Scotland, 10,000 MT from Canada, 17,000 MT from Chile, 2,500 MT from Ireland and 4,000 MT from the Faroes.

Contributing Editor reporting from London, UK

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