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Excellent Results For Marine Harvest 1st Quarter

by 5m Editor
5 May 2010, at 1:00am

NORWAY - Solid demand, strong market prices and limited supply has resulted in Marine Harvest's operational profit in the first quarter to increase substantially compared to first quarter 2008 results.

Marine Harvest ASA achieved a significant improvement in operational EBIT, increasing to NOK 608 million in the first quarter of 2010, from NOK 137 million in the corresponding quarter in 2009. Earnings per share improved from NOK 0.06 to NOK 0.17.

A solid demand and tight supply resulted in record high prices. Supported by operational improvements in key business units, the group achieved an operational EBIT-margin of 17.7 per cent compared to 4.2 per cent in the first quarter of 2009.

"Our first quarter results confirm the favourable market balance, with continued strong demand in key markets and limited global supply. Also in this quarter, we achieved operational improvements in Norway, VAP Europe, Canada and Chile," comments Acting CEO of Marine Harvest ASA, Thomas Farstad.

Marine Harvest expects to harvest a volume of 298 000 tonnes in 2010, of which 68 000 tonnes is expected to be harvested in the second quarter.

"We expect a strong market for salmon in 2010 and 2011, and have recently entered into sales contracts confirming the strength of the market. There should also be a potential for improvement in achieved prices through a better organised and more coordinated sales function, including VAP sales activities," says Thomas Farstad.

5m Editor