Bergen, Norway-headquartered Mowi ASA achieved operational earnings before interest and taxes (EBIT) of approximately EUR 96 million (USD 109.8 million) in the second-quarter of this year, significantly less than the record EUR 211 million (USD 241.3 million) posted for the corresponding period of last year.
According to the salmon farming group’s latest trading statement, its salmon of Norwegian origin achieved an operational EBIT-per-kilogram of EUR 1.05 (USD 1.20) in the last quarter, down from EUR 2.45 (USD 2.80) in Q2 2019.
The operational EBITs for salmon of Scottish, Chilean, and Faroese origin were also much lower, at EUR 1.00 (USD 1.14), EUR 0.80 (USD 0.91), and EUR 1.90 (USD 2.17) per kilogram, respectively. Salmon of Canadian origin saw operational EBIT losses of EUR 0.65 (USD -0.74).
However, its salmon from Ireland and the Faroe Islands achieved a much higher EBIT of EUR 3.85 (USD 4.40) per kilogram.
Overall, the group harvested 104,000 metric tons (MT) of gutted weight equivalent (GWE) salmon in the three-month period, which was ahead of its previous forecast of 102,500 MT. This total was also higher than the second-quarter of 2019’s harvest of 98,500 MT and the Q2 2018 harvest of 78,500 MT.
In terms of Mowi’s production regions, Norway harvested 56,500 MT, Scotland 14,500 MT, Canada 11,500 MT, Chile 14,000 MT, Ireland 4,000 MT, and the Faroes 3,500 MT.
Mowi will publish its complete Q2 2020 report on 26 August.
As previously reported by SeafoodSource, in the first-quarter of this year, Mowi posted an operational EBIT of EUR 109 million (USD 124.6 million), which represented a decline of EUR 87 million (USD 99.5 million) on Q1 2019. It attributed the decline to increased costs and lower volumes.
At the same time, Mowi confirmed that the period had been impacted by falling prices brought by the escalation of COVID-19 and the significant disruption caused to trade flows, logistics and distribution. It further highlighted that while the foodservice segment had been particularly affected by measures imposed to contain the spread of the virus, this trade had been partially offset by increased sales through retail channels.
Photo courtesy of Mowi
