Marine Harvest reports ‘strong quarter’

MARINE Harvest has reported an operational EBIT of EUR 112 million in the first quarter of 2016, compared to EUR 95 million in the corresponding quarter of 2015.
‘Driven by record high prices in Europe and Asia, and improving markets in the Americas, this is one of our strongest quarters ever,’ said CEO Alf-Helge Aarskog.
‘I am also pleased to see a reduction of the production costs in Canada, and the good contribution from Region North and Region West in Norway.’
However, the company’s operational EBIT in the quarter has been negatively impacted by the company’s operations in Chile and the plant in Rosyth, Scotland.
‘The operational EBIT for Consumer Products has also been negatively impacted by losses at the Rosyth plant in Scotland. We have taken actions to improve efficiency and yield,’ said Aarskog.
The algal bloom in Chile has caused severe problems for the whole industry in Chile, including Marine Harvest. Accordingly, Marine Harvest has initiated a restructuring process to cut costs and become more competitive.
‘Marine Harvest will continue to advocate for stronger regulations of the fish farming industry in Chile as well as continued consolidation,’ said Aarskog.
‘This should enable the transformation of Chilean fish farming into a sustainable industry with improved biology, sound financial results and safe jobs.’
Operational revenues for the group were EUR 810 million in the first quarter of 2016, an all-time high for a first quarter in Marine Harvest, corresponding to a growth of 10 per cent year over year.
Total harvest volume was 96,613 tonnes in the quarter (compared to 99,476 tonnes in Q1 2015).
Harvest guidance for 2016 is 414,000 tonnes, which is 22,000 tonnes lower than the previous guidance.