Norway-headquartered salmon producer Marine Harvest achieved operational earnings before interest and taxes (EBIT) of EUR 155 million (USD 191.5 million) in the first-quarter of this year, representing a decrease of EUR 65 million (USD 80.5 million) compared to the corresponding three-month period of 2017.
According to the company’s latest trading update, the operational EBIT of its salmon of Norwegian origin in the last quarter was EUR 2.25 (USD 2.79) per kg – down from EUR 2.50 (USD 3.10) in Q1 2017, but higher than the EUR 1.75 (EUR 2.17) achieved in the final quarter of 2017.
Operational EBIT reductions were seen in its salmon of Scottish and Canadian and Chilean origin compared to a year previously – amounting to EUR 1.85 (USD 2.29), EUR 1.10 (USD 1.36), and EUR 1.35 (USD 1.67), respectively. Although, like Norway, these EBITs were higher than in Q4 2017 when the same three production regions achieved EUR 1.20 (USD 1.49), EUR 1 (USD 1.24), and EUR 1 per kg.
The total volume harvested by the group in Q1 2018 was 81,000 (MT) gutted weight equivalent, down 3,000 MT from a year previously and 32,000 MT less than in Q4 2017.
Its total volume in the last quarter comprised 51,000 MT from Norway, 8,500 MT from Scotland, 6,500 MT from Canada and 12,000 MT from Chile.
Also in the last quarter, the company’s operations in Ireland and the Faroes Islands, meanwhile, harvested 1,500 MT and 1,000 MT respectively, achieving operational EBITs of EUR 4.35 (USD 5.39) and EUR 1.20 per kg.
Reported net interest bearing debt (NIBD) was approximately EUR 860 million (USD 1.1 billion) at the end of Q1 2018, up from EUR 845 million (USD 1 billion) a year previously.
Marine Harvest’s complete Q1 2018 report will be released on 9 May.
