ShapeShapeauthorShapecrossShapeShapeShapeGrouphamburgerhomeGroupmagnifyShapeShapeShapeShape

Mortality Rates Hit Marine Harvest Earnings

Chris Haris
17 October 2014, at 1:00am

NORWAY - Norwegian based fish farming and processing group Marine Harvest has seen its third quarter results hit by exceptional mortality rates.

Previewing the results that will be officially released on 22 October, Marine Harvest said that its third quarter operational earnings will be NOK870 million compared to NOK793 million last year.

Total operational EBIT per kg through the value chain was approximately as follows for the main sources of origin:

  • Norway NOK 9.6
  • Scotland NOK 9.8
  • Canada NOK 4.6
  • Chile NOK 6.0

MH Feed generated an operational EBIT of about NOK 20 million at a production volume of about 56,000 tonnes in the quarter.

As the feed production is applied for internal purposes only, accounting practices prevent a realisation of the segments profits in the Group accounts prior to harvesting of the fish having consumed the feed.

Reported net interest bearing debt (NIBD) was approximately NOK 7,230 million by the end of the quarter.

The third quarter harvest volumes were:

  • Farming Norway 64 thousand tonnes
  • Farming Scotland 14 thousand tonnes
  • Farming Canada 7 thousand tonnes
  • Farming Chile 17 thousand tonnes
  • Other 5 thousand tonnes
  • Total 107 thousand tonnes

The full third quarter 2014 report will be released on 22 October.