Norwegian company Grieg Seafood ASA said a strong salmon market with high prices saw its operating profit before value adjustment of the biomass surge to NOK 105.1 million (€13 million/$18.1 million) in the third-quarter of 2010 from NOK 5.5 million (€682,800/$947,100) recorded in the same period of last year.
The total operating revenue increased by 52% year-on-year to NOK 584.2 million (€72.5 million/$100.6 million) in July to September 2010.
The third-quarter pre-tax loss narrowed to NOK 18 million (€2.2 million/$3.1 million) from NOK 242.1 million (€30.1 million/$41.7 million).
The group's total harvested volume increased by about 37% on the year to 14,602 tonnes in the third trimester of 2010. A low harvest volume in Norway had a negative impact on the margins per kg, the company said.
Grieg Seafood has now reduced its guidance for the harvest volume in 2010 with 2,000 tonnes to 65,000 tonnes, due to the transfer of planned harvesting in Finnmark, Norway and in Canada, to the first quarter of 2011.
The company anticipates a harvest volume of 63,000 tonnes in 2011 and of 72,000 tonnes in 2012.
The salmon farmer anticipates the strong market to continue. The improvement in the biological situation in Chile is expected to result in more production in the country, starting from the end of 2011.
