Marine Harvest ASA achieved an operational EBIT (earnings before interest and taxes) of NOK55 million in the first quarter, up 12.2 percent on-year from NOK49 million.

The Norwegian, Canadian and Scottish operations showed good operational improvements, but harvesting of small ISA-affected fish in Chile led to significant losses in this business unit.

Currency effects helped revenues and financial items, but had a negative impact on EBIT.
 

Demand for salmon was resilient, with stable or increasing demand in most markets. Volume-weighted prices in local currencies were in line with prices in the first quarter of 2008. Adjusted for high feed cost, the cost level is under control and decreasing in Norway, Scotland and Canada.

Harvested ISA-affected salmon in Chile had low weight and low quality, a high cost and a low price per kg. Operations in Chile will be restructured in the second quarter, which is expected to have negative financial consequences on EBIT in this quarter.

Marine Harvest expects to harvest a volume of 296,000 tonnes of salmonids in 2009, of which 73,000 tonnes are expected to be harvested in the second quarter.

Both demand and prices have developed favourably so far in 2009, and global supply of salmon will fall from April, said Ã…se Aulie Michelet, chief executive officer of Marine Harvest.

Marine Harvest will gradually start harvesting salmon fed on lower feed cost, Michelet added.