Marine Harvest sees increased earnings in 1Q

Marine Harvest announced its financial results for the first quarter of 2013, including an operational EBIT of NOK 482 million (USD 83 million, EUR 63 million), compared to NOK 276 million (USD 47 million, EUR 36 million) during the same time period in 2012.

European salmon accounted for 74 percent of the group’s volume for the quarter, which totaled 80,035 metric tons (MT). Market prices in the Americas also increased and the Canadian business “which is still benefiting from previous restructuring measures,” also delivered good results.

However, the company did say operations in Chile are still seeing losses as a result of continued cost increases due to negative biological development.

“The market for Atlantic salmon in Europe was very strong throughout the first quarter, and contributed significantly to the increased earnings for all entities in the region,” said Alf-Helge Aarskog, CEO. “I am very encouraged by the strong market outlook in Europe, with future prices of NOK 34 (USD 5.8, EUR 4.5) the remaining part of 2013 and 2014. Marine Harvest is well positioned to take advantage of this as the majority of our volume will be originating in Europe combined with high exposure to spot prices. Although we have limited exposure to the region, we are equally concerned about our operations in Chile which is experiencing losses and continued cost escalation.”

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