Marine Harvest’s global director of research and development sold 15,000 shares of the global salmon farming company’s stock after the company reported an all-time high in operational results during its quarterly shareholder report.
Øyvind Oaland sold the shares on 26 August at a price of NOK 130.21 (USD 15.62, EUR 14.04), netting him USD 234,300 (EUR 210,600). Oaland retained 4,388 shares of the company and also owns 51,089 unexercised options.
The sale was announced by the company due to disclosure requirements in the Norwegian Securities Trading Act.
On 18 August, Marine Harvest announced it had achieved earnings before interest and taxes (EBIT) of EUR 149 million (USD 165.9 million) in the second quarter of 2016, compared to EUR 84 million (93.5 million) taken in a year before.
“Driven by unprecedented prices due to strong demand and reduced supply, we achieved all-time high operational results. Farming results in Norway, considering the high contract share, and Canada were very encouraging. Further, the market balance for 2016 is expected to remain tight, and we project a global supply decline of 7 percent,” Marine Harvest CEO Alf-Helge Aarskog said in the company’s Q2 announcement.
However, the company warned its results may not be as robust in the future, as higher farming costs eat into profits.
“The cost trend is not satisfactory,” Aarskog said. “Compared to the second quarter of 2015, costs are up in all regions. Marine Harvest continues to have the utmost focus on cost reduction throughout the organization and supports new methods and innovative solutions to combat the cost escalation.”
Marine Harvest Group is the world's leading seafood company and largest producer of farmed salmon, with presence in 24 countries and a total of 12 400 employees worldwide. The company is headquartered in Bergen, Norway, and is listed on the Oslo Stock Exchange and New York Stock Exchange.
