Marine Harvest posts lower Q2 profit, production continues to slide

Published on
July 17, 2018
Marine Harvest salmon

Norway-headquartered Marine Harvest achieved operational earnings before interest and taxes (EBIT) of approximately EUR 175 million (USD 204.8 million) in the second-quarter of this year, down from the record EUR 198 million (USD 231.8 million) posted for Q2 2017, according to the company’s latest trading statement.

In the last quarter, Marine Harvest’s salmon of Norwegian origin achieved an operational EBIT per kg of EUR 2.55 (USD 2.98), up from EUR 2.50 (USD 2.93) in Q2 2017. Salmon of Scottish and Canadian origin reported lower operational EBITs per kg of EUR 2.35 (USD 2.75) and EUR 1 (USD 1.17) respectively, while salmon of Chilean origin was EUR 1.85 (USD 2.17) per kg in the quarter, an improvement from EUR 1.46 (USD 1.71). Its salmon from Ireland and the Faroe Islands achieved EBITs of EUR 2.20 (USD 2.58) and EUR 2.90 (USD 3.39) respectively.

Overall, the group harvested 78,500 metric tons (MT) of salmon in the three-month period, which was below its previous forecast of 82,000 MT. This total was also slightly lower than the Q2 2017 harvest of 78,612 MT, and well below the 87,159 MT harvested in Q2 2016 and the 104,158 MT reported for Q2 2015. 

Marine Harvest will publish its complete Q2 2018 results on 22 August.

Contributing Editor reporting from London, UK

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