NORWAY: Demand boosts Marine Harvest profits

By just-food.com | 5 May 2010

Seafood group Marine Harvest today (5 May) posted a leap in first-quarter sales and profits, boosted by rising demand for seafood products and improved operating margins.

The Oslo-based seafood manufacturer said that EBIT rose to NOK608m (US$100.5m), up from NOK137m last year. Net earnings totalled NOK626m, up from NOK 217m.

The company said that “solid demand” and a “tight supply” forced up the price of its products, which rose to “record highs”. Increased selling prices offset a 4% fall in harvest volumes and sales jumped to NOK3.4bn, up from NOK3.3bn in the first quarter of fiscal 2009.

“Our first-quarter results confirm the favourable market balance, with continued strong demand in key markets and limited global supply. Also in this quarter, we achieved operational improvements,” acting CEO Thomas Farstad said.

Sectors: Financials, Seafood

Companies: Marine Harvest