Company update: Marine Harvest Q1

24-04-2012 | |

The world’s largest fish farmer, Marine Harvest, said first-quarter operating profit fell sharply even as harvested volumes were ahead of plan as salmon prices fell.

Earnings before interest, taxes, depreciation and amortisation (operational EBIT) was around 270 million Norwegian crowns ($47.03 million), the firm said last week, shy of market expectations for 311 million crowns and also down from 963 million a year earlier.
Total harvested volumes were 97,000 tonnes, ahead of the firm’s guidance for 89,000 tonnes and also exceeded analysts’ expectations of 92,850 tonnes.
Recently Marine Harvest entered into agreements with the largest European institute for applied research within fisheries, aquaculture and food, Nofima, and the leading Norwegian agricultural feed producer, Felleskjøpet Rogaland Agder, for establishing a leading Norwegian salmon feed company with a yearly production capacity of up to 500.000 tonnes of salmon feed.

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