Marine Harvest triples 2Q operating income


SeafoodSource staff

Published on
July 20, 2010

Marine Harvest ASA on Wednesday released its second-quarter results, including an operating income of NOK 792 million (USD 126.4 million, EUR 98.7 million), nearly triple last year’s total.

The Norwegian company’s operating revenues reached NOK 3.56 billion (USD 568.3 million, EUR 443.5 million) in the second quarter of 2010, down from NOK 3.95 billion during the same period last year. Net earnings totaled NOK 741 million (USD 118.3 million, EUR 92.3 million) in the second quarter of 2010, compared to a loss of NOK 61 million last year.

“The group delivered an improved result in this quarter, supported by continued strong demand, reduced global supply and increasing prices,” said Marine Harvest CEO Alf-Helge Aarskog. “Our Norwegian operations showed a weak price achievement due to a large contact portfolio with prices well below the spot prices and a lower than normal share of superior fish. There is a considerable potential for improved results the next quarters.”

Marine Harvest yielded 68,263 metric tons of Atlantic salmon in second quarter of this year, down 15,697 metric tons from last year. The world’s largest farmed salmon producer expects to harvest 294,000 metric tons in 2010, of which 66,000 metric tons is projected to be harvested in the third quarter. The company yielded 327,100 metric tons in 2009 and 326,864 metric tons in 2008.

“The contract share for the third quarter will be in line with the second quarter. However, the average contract price is approximately NOK 3 higher than in the second quarter,” said Aarskog. “I expect a strong market and robust results for the coming quarters. The main priorities going forward will be sustainable growth in all regions, a better coordination of sales in the group and further operational improvements.”

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