Marine Farms records positive Q1

Marine Farms has posted very profitable first quarter 2010 figures attributed to record results for their salmon operations in the UK and improved seabass/seabream operations in Spain.

Revenue increased by 13% in first quarter 2010 compared to the same period last year while profits for the quarter (EBIT before fair value) were NOK21.1 million compared to NOK6.5 mill in first quarter 2009. The improvement was very much due to historically high prices for salmon in the UK together with higher prices and lower costs for their seabass/seabream operation in Spain.

The salmon operations in Lakeland (UK) obtained an EBIT/kg of NOK10.2 in Q1 2010 (NOK7.2 in 2009). The volume of salmon sold was down by 6% in Q1 2010 compared to same period last year.

The seabass/seabream operations in Culmarex (Spain) obtained an EBIT/kg of NOK 2.4 in Q1 2010 (NOK-7.1 in Q1 2009). However the amount sold increased by 43% in Q1 2010 compared to last year.

Costs related to the two cobia operations in Vietnam and Belize resulted in a negative EBIT of NOK8.6 mill in Q1 2010 (NOK-6.3 mill in 2009).

Marine Farms ASA combines farming of salmon with farming of marine species. In addition the company is exploiting opportunities within new marine species such as cobia. Marine Farms has a strategy to invest in regions/segments where it may become one of the top producers.

The focus is on large and efficient clusters, controlling the entire value chain from broodfish to customer. Its activity shall be diversified in terms of species and markets, leveraging on established species and investing in new ones.

The company says it will seek market leadership in selected niches by being an innovative and trustworthy supplier of high quality seafood products.