Stronger 3Q for Marine Harvest

By

SeafoodSource staff

Published on
November 15, 2009

Marine Harvest ASA on Monday reported a third-quarter operational EBIT (earnings before interest and taxes) of NOK 625 million (USD 112 million, EUR 75 million), up from NOK 103 million in the same period last year.

The world’s largest farmed salmon producer also watched its third-quarter operating revenues increase to NOK 3.6 billion (USD 646 million, EUR 431 million) in 2009 from NOK 3.1 billion in 2008.

The Norwegian company posted net gain of NOK 626 million (USD 112 million, EUR 75 million), compared to a net loss of 1.8 billion in the third quarter of 2008.

“We have taken advantage of the favorable market for salmon,” said Marine Harvest CEO Åse Aulie Michelet.

Despite the sharp drop in Chile due to the infectious salmon anemia outbreak, Marine Harvest’s third-quarter farmed salmon output jumped 8 percent to 79,554 metric tons in the third quarter of 2009. Through the first three quarters of 2009, its farmed salmon output is up 1 percent to 239,691 metric tons.

Marine Harvest expects to harvest 82,000 metric tons in the fourth quarter and 322,000 metric tons this year, which would be up 9,000 metric tons from last year.

“Global demand has turned out to be solid in 2009. Even with a 7 percent increase in supply to the EU, prices increased by 4 percent in the third quarter, compared to the same quarter of 2008,” said Michelet.

“Strong growth in harvest volumes in Norway and sales from inventories in Chile has partly counteracted the effect of the steep decline in harvest volumes in Chile the first nine months,” he added. “In the fourth quarter, global supply will fall between 13 and 17 percent, while demand is expected to remain solid. Looking into 2010 global supply is expected to fall by 3 to 7 percent as supply from Chile will fall further and volume growth in Norway will be weaker than in 2009.”

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