Marine Harvest Good 4th Quarter Results

The Fish Site
by The Fish Site
10 February 2010, at 12:00am

NORWAY - Things are looking up for Marine Harvest after positive fourth quarter results. With this in mind, the Board of Directors are looking to propose an increase in dividends.

Marine Harvest ASA achieved an operational EBIT of 569 million in the fourth quarter 2009, compared to NOK 317 million in the corresponding quarter in 2008.

Earnings per share improved from NOK -0.18 to NOK 0.15. A tight market balance resulted in good prices. Based on a strong cash flow, a strengthened balance sheet and improved earnings in 2009 the Board of Directors has resolved to propose for the AGM a dividend of NOK 0.35 per share of which 0.25 will be distributed after the AGM in May and NOK 0.05 in each of the third and fourth quarters.

Marine Harvest reported operating revenues of NOK 3 767 million (NOK 4 042 million) in the fourth quarter 2009, with operational EBIT of NOK 569 million (NOK 317 million). 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 NOK 520.1 million (NOK -621.1 million).

"We are satisfied with the results for the fourth quarter 2009. Significant improvements in specifically 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," said CEO of Marine Harvest ASA, Åse Aulie Michelet.

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

"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," concluded Åse Aulie Michelet.