Norwegian salmon farmer earnings plummet in Q2
Norwegian salmon farmer Marine Harvest has reported losses in its Chilean division have led to an overall drop of more than 40 percent in the company’s earnings for Q2 2015.
The company’s Q2 summary indicates operational earnings before interest and taxes (EBIT) was approximately NOK 700 million (USD 86.3 million, EUR 79.3 million), a 42.6 percent drop from the NOK 1.2 billion (USD 147.9 million, EUR 135.9 million) recorded in Q2 of 2014.
Of the company’s four divisions, Chile was the only one to record a negative per-kilogram EBIT, at NOK -4.6 (USD -0.57, EUR -0.52). In its statement, however, Marine Harvest noted a positive impact of USD 5 million in insurance coverage related to the Calbuco volcano eruption. The current report also does not take into account a provision of USD 11 million connected to the restructuring of the company’s division in Chile.
The adjusted figures will appear in the complete Q2 report, expected to be released on 12 August.