It reported pre-tax earnings of \u20ac11.7m for the second quarter as compared to a minus figure of \u20ac2.1m in 2010.<\/p>\n
Morpol\u2019s new salmon farming venture appears to continuing to be working well, giving a boost of \u20ac34.6 million to operating revenues that were significantly above prior year at \u20ac113.7 million, which stood at \u20ac83.4 million.<\/p>\n
Salmon raw material prices dropped significantly from their recent pitch, which meant there was more room for earnings for processing, which came to \u20ac2.6m.<\/p>\n
However, higher prices for the goods resulted in lower demand, felt in a decrease in volume of 11% from prior year levels, which, however, was ameliorated a little by incremental price increases over the last year.<\/p>\n
“Even though salmon raw material prices are dropping they still remained high on average in the quarter – we had a strong result from the farming operations and expect that the second quarter will be a turning point in the results of processing. The lower salmon prices are expected to increase processing margins for the rest of the year,” said Jerzy Malek, CEO. “Despite a reduction in demand and lower volumes we expect sales to pick up as retail prices decrease,” concluded Mr Malek.<\/p>\n
In July 2011 Morpol sold off its sea bass and sea bream operations in Spain to Canadian firm Cooke Aquaculture for a total enterprise value of \u20ac48.7m. The transaction will reduce Morpol’s net debt by approximately \u20ac40m.<\/p>\n
The company had a net interesting-bearing debt of \u20ac186.3m at the end of the second quarter, a decrease of \u20ac12.8m from the first quarter 2011.<\/p>\n","protected":false},"excerpt":{"rendered":"
Morpol\u2019s earnings this last quarter are up \u20ac13.8m on the same period a year ago, with both processing revenues and farming balancing lower sales volumes.<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[9],"tags":[],"sponsor":[],"class_list":["post-4048","post","type-post","status-publish","format-standard","hentry","category-industry-news"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.worldfishing.net\/icefish-conference\/wp-json\/wp\/v2\/posts\/4048","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.worldfishing.net\/icefish-conference\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.worldfishing.net\/icefish-conference\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.worldfishing.net\/icefish-conference\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.worldfishing.net\/icefish-conference\/wp-json\/wp\/v2\/comments?post=4048"}],"version-history":[{"count":0,"href":"https:\/\/www.worldfishing.net\/icefish-conference\/wp-json\/wp\/v2\/posts\/4048\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.worldfishing.net\/icefish-conference\/wp-json\/wp\/v2\/media?parent=4048"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.worldfishing.net\/icefish-conference\/wp-json\/wp\/v2\/categories?post=4048"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.worldfishing.net\/icefish-conference\/wp-json\/wp\/v2\/tags?post=4048"},{"taxonomy":"sponsor","embeddable":true,"href":"https:\/\/www.worldfishing.net\/icefish-conference\/wp-json\/wp\/v2\/sponsor?post=4048"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}