Strong 2Q for Cermaq
Cermaq ASA on Friday released its second-quarter results, including an EBIT (earnings before interest and taxes) of NOK 215 million (USD 34.7 million, EUR 27.1 million), compared to an EBIT of NOK 81.4 million in the same period last year.
The Norwegian farmed salmon producer attributed its strong second-quarter results to high salmon prices, a "good" biological performance in farming and a considerable increase in fish-feed production.
"The strong volume growth in EWOS has a significant impact on our results. EWOS' product range provides strong biological performance and good fish health for the farmers, and this is the basis for further growth in EWOS," said Cermaq CEO Geir Isaksen.
EWOS, the company's fish-feed division, watched its output grow 12 percent from the second quarter of 2009 to 2010.
"I am pleased with the results for both Mainstream and EWOS. The strong salmon market gives especially strong profitability for Mainstream," said Isaksen, adding that salmon prices are expected to remain high for the rest of 2010 and into 2011.
Mainstream, the company's salmon-farming division, delivered an EBIT of NOK 174 million in the second quarter of 2010, up from NOK 32 million in the same period last year. However, its sales totaled 16,600 metric tons of fish, a drop from the second quarter of 2009. That's due entirely to last year's strong sales of frozen Chilean salmon, according to the company.