Marine Harvest reported operating revenues of NOK 3,610 million (€440.3 million/$618.2 million) in the third quarter of 2010, up slightly from NOK 3,601 million (€439.2 million/$616.7 million) recorded in the corresponding period of last year.
The Norway-based salmon farming giant’s harvest volumes were 64,032 tonnes in Q3 2010 compared with 79,554 tonnes in the same quarter of 2009. Net earnings in the period were NOK 670 million (€81.7 million/$114.7 million) compared with NOK 626 million (€76.4 million/$107.2 million) in Q3 2009.
“The higher price achievement has improved the result for the whole Group and Marine Harvest VAP Europe adapts to the higher raw material prices. Marine Harvest has a strong contract portfolio for the fourth quarter of 2010 with prices above the contracted prices for the third quarter,” said CEO of Marine Harvest ASA, Alf-Helge Aarskog.
Marine Harvest expects to harvest a volume of 292,000 tonnes in 2010, of which 87,000 tonnes is expected to be harvested in the fourth quarter.
“We are currently focusing on optimising production volumes from existing licences in Norway. This incremental production will require limited capital expenditure and contribute to a lower overall production cost and increased margins going forward,” said Helge Aarskog.
“We expect to show substantial growth in Norwegian production volumes in 2011 and 2012. Significant forward volumes have been traded over the Fish Pool exchange for 2011, with recent prices around NOK 36.50 (€4.45/$6.25) per kg. Volume for 2012 has been lower, at price levels around NOK 33 (€4.02/$5.65) per kg. We have entered into contracts confirming this price level.”
