Marine Harvest's first quarter profits soar despite smaller salmon harvest

Published on
April 20, 2017

Marine Harvest achieved operational earnings before interest and taxes (EBIT) of EUR 215 million (USD 231 million) in the first quarter of this year, an increase of EUR 103 million (USD 110.7 million) compared to the corresponding period of 2016.

According to the Norway-headquartered salmon farmer’s latest trading update, the operational EBIT of its salmon of Norwegian origin in the last quarter increased to EUR 2.50 (USD 2.69) per kg – up from EUR 1.85 (USD 1.99) in Q1 2016, but lower than the EUR 2.70 (EUR 2.90) achieved in the last quarter of 2016.

Operational EBIT improvements were seen in its salmon of Scottish and Canadian and Chilean origin compared to a year previously – amounting to EUR 3 (USD 3.22), EUR 3.35 (USD 3.60) and EUR 1.85, respectively. Although, like Norway, Chile’s EBIT was lower than in Q4 2016 when it achieved EUR 2.60 (USD 2.79) per kg.

The total volume harvested by the group in Q1 2017 was 84,000 (MT) gutted weight equivalent (GWE), down from 97,000 MT in the prior year and also 16,000 MT less than in the last quarter of 2016.

Its total volume in the last quarter comprised 49,000 MT from Norway, 18,000 MT from Scotland, 9,000 MT from Canada, 6,000 MT from Chile and 2,000 from other regions.

Reported net interest bearing debt (NIBD) was approximately EUR 845 million (USD 908 million) at the end of the last quarter.

Its complete Q1 2017 report will be released on 10 May.

Contributing Editor reporting from London, UK

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