Cermaq ASA on Friday said it achieved its “best quarter ever,” including a third-quarter operating income of NOK 502 million (USD 87 million, EUR 62 million), up an impressive NOK 202 million from the third quarter of 2009.
The Norwegian farmed salmon giant attributed the increase to higher salmon prices, increased fish feed production and “considerable improvements” in Chile’s salmon-farming industry.
Additionally, divesting its Scottish salmon-farming operations resulted in a gain of NOK 70 million. In August, Morpol acquired a 100 percent interest in Mainstream Scotland from Cermaq for NOK 350 million.
Also in the third quarter, Cermaq sold its interest in Marine Farms, after acquiring a 43 percent ownership in the Norwegian fish-farming company and unloading it to Morpol for NOK 18.50 per share.
Collectively, the two transactions delivered a net gain of about NOK 460 million, resulting in a reduction in the company’s debt by NOK 800,000 million to NOK 1.7 billion.
“I am very satisfied with the result presented today,” said Cermaq CEO Geir Isaksen. “In this quarter we have demonstrated excellent profitability in all parts of our operations. At the same time we have divested Mainstream Scotland and sold our shares in Marine Farms with a satisfying gain.”
In the third quarter, EWOS, the company’s fish-feed division, posted an operating income of NOK 238 million, while Mainstream, the company’s salmon-farming division, managed an operating income of NOK 230 million.
