Cermaq 'pleased' with 2Q results


SeafoodSource staff

Published on
August 9, 2009

 Cermaq on Friday released its second-quarter financial results, including EBIT (earnings before interest and taxes) of NOK 81.4 million (USD 13.3 million, EUR 9.4 million), compared to a loss of NOK 31.2 million (USD 5 million, EUR 3.6 million) during the same period last year.

However, the Norwegian company's second-quarter revenues were down slightly, to NOK 2.17 billion (USD 355 million, EUR 250 million) from NOK 2.18 billion (USD 356 million, EUR 251 million) in 2008.

Cermaq is one of the world's largest farmed salmon producers and fish feed manufacturers.

The company's fish feed division, EWOS, reported EBIT margins well above 2008 levels, and its farmed salmon division, Mainstream, also had better results following lower losses in Chile than in 2008 and improved profits in Norway and Canada due to better prices.

"I am pleased with the results, which show significant improvement for EWOS and also good results in Mainstream due to the strong market in the quarter," said Cermaq CEO Geir Isaksen. "I am optimistic about the rest of 2009 and expect to see a continued improvement in operating performance for the group."

Mainstream posted second-quarter operating revenues of NOK 607.2 million (USD 110 million, EUR 77 million), up from NOK 557.6 million (USD 91 million, EUR 64 million) last year. Due to lower sales volumes of coho and trout as a result of selling more in the first quarter, the group's production volume dropped 22 percent from 2008. Mainstream's EBIT was NOK 32.1 million (USD 5.2 million, EUR 4 million), compared to a loss of NOK 54.7 million (USD 9 million, EUR 6.3 million) last year.

EWOS recorded second-quarter EBIT of NOK 54.7 million (USD 9 million, EUR 6.3 million), up from NOK 32.1 million (USD 5.2 million, EUR 4 million) in 2008. The increase was due to high raw material costs, which dropped in 2009.

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