Farmed salmon giant Marine Harvest on Thursday reported a operating earning of NOK 231 million in the second quarter of 2012, down from NOK 896 million during the same period in 2011.
The company posted operating revenues and other income of NOK 4 million, down slightly from NOK 4.2 million in 2011.
However, cash flow from operations was strong at NOK 918 million in the second quarter, and the company’s debt was significantly reduced.
Production increased 24 percent to 99,165 metric tons, compared to 79,932 metric tons in the second quarter of 2011. The company expects to harvest 380,000 metric tons in 2012, of which 90,000 tons is expected to be harvested in the third quarter.
Marine Harvest Norway achieved “satisfactory” results, with a per-kilogram operating EBIT of NOK 3.37 in the second quarter (compared to NOK 13.10 during the same period in 2011), while Marine Harvest Scotland reported a a per-kilogram operating EBIT of NOK 7.11 (compared to NOK 13.68).
“In a challenging quarter, Marine Harvest has been able to improve its competitive position and solidity. We have reduced the cost of harvested fish in the quarter, which is highly appreciated achievement given a demanding marketplace,” said Marine Harvest CEO Alf-Helge Aarskog. “In a market still absorbing the increased supply of salmon, we remain focused on capital efficiency and cost measures in production, to meet what we continue to see as a challenging market, at least in the next quarter. The expansion of new and existing markets for Atlantic salmon remains a high priority for Marine Harvest.”
