February 10, 2010

Marine Harvest reports good Q4 results

Oslo-based Marine Harvest ASA achieved an operational EBIT of NOK569 million (US$96.3 million) in the fourth quarter of 2009, compared to NOK317 million (US$53.7 million) in the corresponding quarter in 2008. 

A tight market balance resulted in good prices.

Marine Harvest reported operating revenues of NOK3,767 million (NOK 4 042 million) in the fourth quarter 2009, down from NOK4,042 million in the same period in 2008. The decrease in operating revenues is mainly due to reduced harvest volumes in Marine Harvest Chile and currency effects. Net earnings in the period were NOK520.1 million (US$88 million), up from a loss of NOK621.1 million (US$105.1 million) during the previous year.

 
Significant improvements in Marine Harvest Scotland, Marine Harvest Chile and Marine Harvest VAP Europe contributed to improved profitability. Marine Harvest Norway increased volumes, revenues and earnings in the fourth quarter and contributed with two thirds of the group's operational EBIT in the quarter, according to company CEO, Ã…se Aulie Michelet.
 

Marine Harvest expects to harvest a volume of 292,000 tonnes in 2010, of which 66,000 tonnes is expected to be harvested in the first quarter.
 

Ase Aulie Michelet said, "The good results in this quarter confirm the turnaround of Marine Harvest in 2009. We have embarked on 2010 from a significantly strengthened financial position with stronger performance in most business units. I expect continued solid demand for seafood."

"Together with limited supply this indicates a strong market for salmon also in 2010. There is a good potential for reduced biological risk in the industry and also room for further improvements in Marine Harvest operations. I'm looking forward to another year with visible improvements."