April 28, 2021

Mowi Q1 profits beat projections thanks to higher salmon output

Norway's major salmon producer Mowi, the biggest aquaculture company in the world, posted first-quarter profits that beat projections thanks to higher salmon output that compensated for declining prices, Reuters reported.

The company's operating profit for January to March 2021 was unchanged year-on-year at EUR 109 million (~US$131.5 million; EUR 1 = SU$1.21), beating the average forecast by a Refinitiv poll of analysts of EUR 98.7 million (~US$119.1 million).

Mowi's output increased in the quarter to 125,500 tonnes, compared to last year's 83,000 tonnes. This surpassed the company's projections of 116,000 tonnes.

- Reuters