Strong start for Marine Harvest – Fishfarmer Magazine

By systemwyvex - 21st August 2014

Strong start for Marine Harvest 30 April, 2014 –

THE Marine Harvest Group achieved an operational EBIT of NOK 1 090 million in the first quarter of 2014, compared to NOK 482 million in the corresponding quarter of 2013.

The first quarter of 2014 was very good for the company, with record high process and profit. As a consequence of the good results, the board has proposed a quarterly dividend of NOK 5 per share.

The results are negatively impacted by high contract share in the quarter but the company still sees potential for even stronger results by improving production costs in many areas of its operation.

Operational revenues and other income in the first quarter amounted to NOK 5 868 million (NOK 3 736 million).

Salmon of Norwegian origin achieved an operational EBIT per kilo of NOK 12.82 (NOK 8.39) in the first quarter, while salmon of Scottish and Canadian origin reported operational EBIT per kilo of NOK 12.66 and NOK 19.10 respectively (NOK 7.87 and NOK 6.63).

Salmon of Chilean origin achieved an operational EBIT per kilo of NOK 6.73 (NOK -6.27). The figures include contribution from Sales and Marketing, including VAP Europe and Morpol Processing.

Marine Harvest VAP Europe reported an operational EBIT of NOK -25 million compared to NOK – 18 million in the first quarter of 2013. Morpol Processing reported an operational EBIT of NOK -38 million.

Marine Harvest Group harvested a volume of 92,243 tonnes gutted weight in the first quarter, compared to 80,035 tonnes in the corresponding quarter of 2013. Harvest guidance for 2014 is increased from 405,000 tonnes to 417,000 tonnes.

The demand in the first quarter was very high, and the company expects this to continue. We are encouraged by the high future prices, given the relatively high supply growth for the remainder of the year, said Marine Harvest CEO, Alf-Helge Aarskog.

I’m convinced that the combination of strong operational performance and high financial flexibility put us in a great position for further development, he added.