Marine Harvest profits jump

Marine Harvest profits jump

Norwegian seafood group Marine Harvest said its sales and operating profit hit an "all-time high" in 2013.

Net profit jumped to NOK2.54bn (US$405m) in the year to the end of December, up from NOK413m in 2012. EBIT rose to NOK4.69bn - almost five times 2012's operating profit of NOK969m.

The company saw revenue rise to NOK19.2bn, up from NOK15.56bn in 2012. The company said it benefited from "record" prices driven by high demand for salmon.

"2013 was the best year so far for Marine Harvest, with all-time high revenues and annual operating profit," CEO Alf-Helge Aarskog said.

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Best year ever for Marine Harvest

(Oslo, 5 February 2014) The Marine Harvest Group achieved an operational EBIT of NOK 1 034 million in the fourth quarter of 2013, compared to NOK 64 million in the corresponding quarter of 2012.

- 2013 was the best year so far for Marine Harvest, with all time high revenues and annual operating profit. I am proud of all the dedicated Marine Harvest employees that work hard every single day and contributed to this strong result, says CEO Alf-Helge Aarskog.

As a consequence of the good results, a quarterly dividend of NOK 1.20 per share (after reverse split 10:1 as of 23 January 2014) will be distributed.
Marine Harvest Group reported operational revenues and other income of NOK 6 743 million (NOK 4 071 million) in the fourth quarter of 2013. Total harvest volumes were 103 378 tonnes in the quarter (103 215 tonnes).

Salmon of Norwegian origin achieved an operational EBIT per kilo of NOK 12.03 (NOK 3.62) in the fourth quarter, while salmon of Scottish  and Canadian origin reported operational EBIT per kilo of NOK 10.23 and NOK 10.20 respectively (NOK -1.14 and NOK -4.81). Salmon of Chilean origin achieved an operational EBIT per kilo of NOK 2.48 (NOK -8.17). The figures include contribution from Sales and Marketing, including VAP Europe and Morpol Processing. Marine Harvest VAP Europe reported an operational EBIT of NOK -37 million compared to NOK 16 million in the fourth quarter of 2012. Morpol Processing reported an operational EBIT of NOK 64 million.

Marine Harvest Group harvested a volume of 343 772 tonnes gutted weight in 2013, compared to 392 306 tonnes in 2012.

- Both Scotland and Canada have record year for profit. We congratulate the teams responsible for the achievement. I would also like to highlight Morpol in this quarter. Despite very high raw material prices Morpol managed to generate profit, says Aarskog.

Original source: Marine Harvest Group