Marine Harvest registers record results in Q2 2009

Marine Harvest Norway has updated its record result after the end of Q2 2009, says a report.

It is reported that the harvest volumes for the second quarter of the current financial year in Norway 49 thousand tonnes, Chile 9 thousand tonnes, Canada 12 thousand tonnes, Scotland 9 thousand tonnes, Other 4 thousand tonnes. In total the harvest volume was 83 thousand tonnes for Q2 2009.

It is informed that Marine Harvest Norway will post an operational EBIT per kg of approximately NOK 8 for Q2. The figure is affected negatively by the scope of fixed price contracts. The contract rate varies from quarter to quarter and is in this quarter approximately 33 percent, in the high end of Marine Harvest's contract policy. The Board of Marine Harvest has approved an updated business plan for Marine Harvest Chile in which Marine Harvest confirms it long term commitment to the business. The purpose of the plan is to harmonise the scale of the business to the expected low level of activity in the coming years, and to minimise losses during this period.

The company states that it has plan that will trigger provisions and write-downs of approximately USD 115 million in Q2. Marine Harvest Chile will post a negative operational EBIT of approximately NOK 400 million and a negative financial EBIT of approximately NOK 900 million in Q2.

It is mentioned that good prices in the spot and forward markets create a solid basis for substantially deleveraging the company going forward. Net interest bearing debt as of 30 June has been reduced to approximately NOK 6 billion.

Source: marineharvest.com"

WorldFishingToday d. 15-07-2009