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หัวข้อ: Marine Harvest revenue keeps climbing in Q2
เริ่มหัวข้อโดย: pramaiporn ที่ กรกฎาคม 21, 2010, 09:32:45 PM
(http://www.fis.com/fis/worldnews/images/32168_350x277_72_DPI_0.jpg)
The salmon processing line at a Marine Harvest plant. (Photo: Marine Harvest)

Marine Harvest revenue keeps climbing in Q2

(http://www.fis.com/fis/gif/flags/32/no.png) NORWAY
Wednesday, July 21, 2010, 23:10 (GMT + 9)



Global leading salmon company Marine Harvest Group reached an operational EBIT of NOK 792 million (EUR 97.4 million) in Q2 versus NOK 268 million (EUR 32.9 million) in the corresponding quarter of last year.

Earnings per share saw an improvement from NOK -0.02 (EUR -0.002) to NOK 0.21 (EUR 0.03) and robust demand and lower industry supply bred higher prices.

Nevertheless, Marine Harvest Norway saw weak prices. Given the strong cash-flow in the first half of the year, the Board resolved to call an EGM next month where a half-year dividend to propose NOK 0.20 (EUR 0.021) per share.

There were operating revenues of NOK 3.562 billion (EUR 437.8 million) in the second quarter versus NOK 3.948 billion (EUR 485.3 million) in the same quarter of 2009. Harvest volumes were 68,263 tonnes compared to 83,960 tonnes in the second quarter of last year.

Net earnings in the period reached NOK 741 million (EUR 91.1 million) against NOK -61 million (EUR -7.5 million) in the corresponding period of 2009.

“Our Norwegian operations showed a weak price achievement due to a large contact portfolio with prices well below the spot prices and a lower than normal share of superior fish. There is a considerable potential for improved results the next quarters,” said Marine Harvest ASA CEO Alf-Helge Aarskog.

Cash flow from operations was NOK 890 million (EUR 109.4 million) this Q2 versus NOK 1.099 billion (EUR 135.1 million) in Q2 2009.
 
Net financial items were NOK -34 million (EUR -4.2 million) against NOK -204 (EUR -25.1 million) million during the same period last year, including net interest expenses of NOK 108 million (EUR 13.3 million) versus NOK 120 million (EUR 14.8 million) in the corresponding quarter of last year. Net interest-bearing debt rose to NOK 4.678 billion (EUR 575 million) from NOK 4.140 billion (EUR 508.9 million) at end of the first quarter after June’s dividend distribution.

The equity ratio fell to 57.2 per cent at the end of the quarter, compared to 60.4 per cent at end of Q1. Annualised ROACE was 20.7 per cent versus -4.5 per cent in Q1 and NIBD/Equity was 38.6 per cent compared to 33.75 per cent in the first quarter.

Marine Harvest Norway reached an operational EBIT per kg of NOK 11.22 (EUR 1.38) in the second quarter against NOK 8.42 (EUR 1.03) in Q2 2009, while Marine Harvest Canada and Marine Harvest Scotland reported operational EBIT per kg of NOK 11.65 (EUR 1.43) and NOK 9.35 (EUR 1.15), respectively, up from NOK 9.14 (EUR 1.12) and NOK 8.17 (EUR 1.00), also respectively.

Marine Harvest VAP Europe had an operational EBIT-margin of 5.7 per cent versus 5.4 per cent in the second quarter of 2009. Marine Harvest Chile saw an operational EBIT of NOK 17 million (EUR 2.1 million) against NOK -391 million (EUR -48.1 million) in the same period last year, achieving a break-even operational EBIT.

Marine Harvest expects to harvest 294,000 tonnes in volume this year, of which 66,000 tonnes are to be harvested in the third quarter. This is mainly due to escalated volumes from Norway, where Marine Harvest, contrary to most of the industry, has considerable flexibility within the current license capacity to further boost the volume.

Related articles:

- Marine Harvest releases Q2 data
- Notably improved Q1 results for Marine Harvest


By Natalia Real
editorial@fis.com
www.fis.com