August 17, 2009

Marine Harvest reports positive Q2 earnings

Marine Harvest ASA achieved an operational EBIT of NOK 257 million in the second quarter, compared to NOK 145 million in the corresponding quarter last year.

Marine Harvest said solid demand and tight supply led to strong prices, adding that achieved prices were lower than spot market prices due to fixed price contracts.

The updated business plan for Chile was approved and accounted for in the second quarter. Marine Harvest has a positive outlook for the market development in the coming quarters.

Marine Harvest reported operating revenues of NOK3.947 million in the second quarter of 2009, with operational EBIT of NOK257 million in the period. EBIT was NOK182 million in the period (6). A total volume of 83 960 tonnes HOG (80 669) was harvested in the second quarter of 2009.

The business plan for Chile was updated during the second quarter, with the purpose of harmonising the scale of the business to a low level of activity in the near term and minimise losses during the period.

Cash flow from operations was NOK1.088 million in the second quarter 2009. Due to the strong cash flow and the successful private placement of NOK300 million carried out in May, the net interest bearing debt was reduced by NOK1.131 million to NOK6.025 million. The equity ratio increased to 51.2 percent at the end of the quarter.

Marine Harvest expects to harvest a volume of 313 000 tonnes in 2009, which is an increase of 17 000 tonnes from earlier guiding for the year. 70 000 tonnes is expected to be harvested in the third quarter.

The company said a new processing plant has been set up in Miami and will open an additional plant in Los Angeles in August. The company is also expecting to increase volumes from Norway to the US market significantly in the second half of 2009.