Marine Harvest Reports Challenging Second Quarter

By

SeafoodSource staff

Published on
August 17, 2008

Due to infectious salmon anemia in Chile, a higher share of downgraded fish and increased costs, Marine Harvest on Friday reported second-quarter earnings of $27 million, down more than $37 million from the second quarter last year, but an improvement from a $12 million loss in the first quarter.

As a result of increased prices, lower volumes and currency effects, the Oslo-based company also reported second-quarter revenues of $590 million, down from $663 million in 2007, with production volume dropping from 85,303 metric tons in 2007 to 80,059 metric tons.

As a result of mortality and accelerated harvesting, Marine Harvest, the world's largest farmed salmon producer, is predicting a substantial reduction of the harvested volume in Chile in the second half of this year.

The company implemented operational actions in Chile and will complete a new business plan during the third quarter. The company closed its secondary processing plant in Chinquihue in April and its Teupa primary processing plant in July.

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