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Marine Harvest Reports Good Results Despite High Production Costs

Lucy Towers
17 February 2016, at 12:00am

NORWAY - Marine Harvest achieved an operational EBIT of NOK 837 million in the fourth quarter of 2015, compared to NOK 1,032 million in the corresponding quarter of 2014.

Supported by the good results, a strong forward market, and a solid financial position, the Board has resolved a quarterly dividend of NOK 1.40 per share.

"I am very pleased with another record-breaking quarter in Marine Harvest Fish Feed. We are seeking to expand our feed activity with a new feed factory in Scotland," said CEO Alf-Helge Aarskog.

Marine Harvest Group reported operational revenues of NOK 8,060 million (NOK 6,863 million) in the fourth quarter of 2015. Total harvest volume were 110,551 tonnes in the quarter (105,122 tonnes).

Harvest guidance for 2016 is 436,000 tonnes, 4,000 tonnes lower than the previous guidance.

Salmon of Norwegian origin achieved an operational EBIT per kilo of NOK 12.14 (NOK 12.59) in the fourth quarter, while salmon of Scottish and Canadian origin reported operational EBIT per kilo of NOK -2.10 and NOK 3.32 respectively (NOK -3.42 and NOK 3.69).

Salmon of Chilean origin reported operational EBIT per kilo of NOK -12.28 in the quarter (NOK 0.35).

The figures include contribution from Sales and Marketing, including MH Consumer Products. MH Consumer Products reported an operational EBIT of NOK 89 million compared to NOK 117 million in the fourth quarter of 2014. MH Feed reported an operational EBIT of NOK 74 million (NOK 61 million).

"High production costs in all regions remains a concern. We see, however, that our Norwegian operation delivered good results even with the high sea lice mitigation costs. I'd like to recognize the efforts made by the employees who delivered the favourable results in the quarter," said Mr Aarskog.