Marine Harvest’s third-quarter harvest, profit climb

Published on
October 16, 2018
Marine Harvest Canada

Marine Harvest harvested 110,000 metric tons (MT) of salmon in the third quarter of this year, representing a volume rise of 14,500 MT compared to the corresponding period of last year and 2,000 MT more than the salmon farming company’s most recent forecast for the three-month period. 

According to Marine Harvest’s latest trading update, its Norwegian operations harvested 71,500 MT of salmon in the last quarter, up from 55,500 MT in Q3 2017. This increase was partly offset by lower Chilean and Scottish harvests of 13,500 MT and 9,000 MT respectively, while Canada harvested 12,500 MT (up from 11,000 MT in Q3 2017). 

A further 2,000 MT was harvested in Ireland (down from 3,000 MT), while the company’s Faroese operations contributed 1,500 MT (up from 1,000 MT). 

The Norway-headquartered producer achieved operational earnings before interest and taxes (EBIT) of EUR 204 million (USD 236 million) in Q3 2018, up from EUR 194 million (USD 224.4 million) in Q3 2017 and EUR 180 million (USD 208.2 million) in in the corresponding quarter of 2016.  

Its salmon of Norwegian, Scottish and Canadian and Chilean origin respectively achieved operational EBITs of EUR 2.25 (USD 2.60), EUR 1.35 (USD 1.56), EUR 1.05 (USD 1.21) and EUR 1.25 (USD 1.45) per kg in Q3 2018. 

The operational EBITs of its salmon from Irish and Faroese origin for the same period amounted to EUR 3.45 (USD 3.99) and EUR 2.80 (USD 3.24) respectively.

The trading update also stated that the reported net interest bearing debt (NIBD) was approximately EUR 1.2 billion (USD 1.4 billion) at the end of the quarter.

Contributing Editor reporting from London, UK

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