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Fortunes Turn For Marine Harvest

NORWAY - Norwegian aquaculture and fish processing company Marine Harvest has seen profits more than double last year compared to 2009.

In its annual report the company shows that profits rise to NOK3.108 billion from NOK1.3o2 billion the previous year.

Sales rose from NOK14.65 billion to NOK15.19 billion.

However, the rise in sales and profits comes on the back of lower harvest volumes last year with production at 295,683 tonnes last year compared to 327,100 tonnes in 2009.

In its annual report, Marine Harvest said that strong underlying demand and tight global supply resulted in a solid market and increased prices for salmon in 2010.

The Harvest volume of 296 000 tons gutted weight harvested in 2010 was a reduction of 10 per cent compared to 2009. The reduction was mainly a result of the downscaling to reduce risk in Chile.

The company said Marine Harvest Chile successfully adapted to a lower activity level and achieved an operational EBIT of NOK110 million in 2010, compared to a loss of NOK 466 million in 2009.

IN the annual report CEO Afl Helge Aerskog said: "2010 was a very good year for Marine Harvest, with improved performance in Marine Harvest Norway and return to profitability in Marine Harvest Chile.

"Substantial efforts have been put in to achieve these improvements, and I am proud of what we have accomplished during the year."

He added: "2010 was a good year for Marine Harvest. Global demand for our product is strong. We have returned to profitability in Chile and are on course to reduce costs in Norway.

"Our long-term efforts to secure a sustainable development of our industry are gaining momentum, and we have taken the first step to strengthen our global sales and marketing operations.

"Marine Harvest has achieved a strong financial position. We are returning a good direct return on investments to our owners, while increasing investments in order to achieve long-term sustainable growth.

"From 2009 to 2010, capital expenditure was increased from NOK 650 million to NOK 1 billion.

"The outlook for 2011 is prosperous. We expect a substantial increase in our harvest volumes and have already secured a high contract share on prices up to NOK 40 per kg for 2011.

"Marine Harvest's ambition is to be the leading seafood company, globally.

"We believe there is a significant potential for improvements in our industry, and that taking a leading role will prove profitable. Our key priorities in 2011 will be employee safety, operational excellence, reduced biological and environmental risks, and strengthening our sales and marketing efforts."

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