Record high profit, volume for Marine Harvest 2Q

Marine Harvest achieved an operational EBIT of NOK 1.2 billion (USD 194 million, EUR 147 million) in the second quarter of 2014, compared to NOK 901 million (USD 146 million, EUR 111 million) in the corresponding quarter of 2013.

The salmon farming giant reported operational revenues and other income of NOK 6.6 billion (USD 1.1 billion, EUR 810 million) in the second quarter of 2014. Total harvest volumes totalled 114,176 metric tons (MT) in the quarter, up from 79,438 MT in the same period in 2013. The Norway-based company expects to harvest a total of 414,000 MT for 2014.

“The second quarter was a strong quarter for Marine Harvest, with record high profit and volume. As a consequence of the good results, the board has resolved a quarterly dividend of NOK 1 per share,” said CEO Alf-Helge Aarskog. “The second quarter marked a milestone for Marine Harvest. In June we made the first deliveries of our own feed, produced at our new feed factory at Bjugn, to sites in Norway. The factory will at full capacity serve 60 percent of the Norwegian production, and is a vital step towards becoming a fully integrated protein producer with complete control from feed to plate.”

Salmon of Norwegian origin achieved an operational EBIT per kilo of NOK 12.16 (USD 1.97, EUR 1.49) in the quarter, while salmon of Scottish and Canadian origin reported operational EBIT per kilo of NOK 12.19 (USD 1.97, EUR 1.50) and NOK 11.01 (USD 1.78, EUR 1.35) respectively.

Salmon of Chilean origin achieved an operational EBIT per kilo of NOK 5.50 (USD 0.89, EUR 0.68). The figures include contribution from sales and marketing, including VAP Europe and Morpol Processing. Marine Harvest VAP Europe reported an operational EBIT loss of NOK 4 million (USD 646,831/EUR 490,724) compared to NOK 7 million (USD 1.1 million/EUR 858,767) in the second quarter of 2013. Morpol Processing reported an operational EBIT of NOK 24 million (USD 3.9 million, EUR 2.9 million).

“I'm confident that Marine Harvest is well positioned to optimize under the short term challenges arising from the Russian sanctions, due to our global presence, sales contract hedging and high degree of financial flexibility,” said Aarskog.

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