Marine Harvest’s third-quarter profit up, Norwegian production falls

Marine Harvest harvested 95,500 metric tons (MT) of salmon in the third-quarter of this year, representing a volume decline of 1,500 MT compared to the corresponding period of last year and 5,500 MT less than its most recent forecast for the three months, according to the company’s latest trading update.

During the last quarter, the company’s Norwegian operations harvested 55,500 MT of salmon, down from 64,000 MT in Q3 2016. This reduction was partly offset by a doubling of its Chilean harvest to 14,000 MT, while Scotland and Canada both harvested 11,000 MT (up from 10,000 MT in Q3 2016). 

A further 3,000 MT was harvested in Ireland, while the company’s Faroese operations contributed 1,000 MT. 

The Norway-headquartered producer achieved operational earnings before interest and taxes (EBIT) of EUR 191 million (USD 225.5 million) in Q3 2017, up from EUR 180 million (USD 212.5 million) in Q3 2016 and EUR 77.9 million (USD 92 million) in in the corresponding quarter of 2015.  

Its salmon of Norwegian, Scottish and Canadian and Chilean origin respectively achieved operational EBITs of EUR 2.25 (USD 2.66), EUR 2.30 (USD 2.71), EUR 1.70 (USD 2.01) and EUR 1.25 (USD 1.48) per kg in Q3 2017. 

The operational EBITs of its salmon from Irish and Faroese origin for the same period amounted to EUR 3.20 (USD 3.78) and EUR 2.25 respectively.

The trading update also stated that the reported net interest bearing debt (NIBD) was approximately EUR 665 million (USD 785 million) at the end of the quarter.

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