Salmon group buoyed by "all-time high salmon prices" for quarter

Salmon group buoyed by "all-time high salmon prices" for quarter

Norway-based salmon group Marine Harvest today (10 May) booked "record" first-quarter underlying EBIT driven by "all-time high salmon prices for the quarter, strong demand and decline in supply".

The group said operational EBIT, which excludes fair value adjusted on biomass, contracts and unrealised derivatives, was EUR220m (US$239m) - an increase of 96% over the corresponding period a year ago.

However, EBIT was down to EUR88.3m, compared to EUR192.7m in the previous first quarter, while operational revenue rose 10% over the year-ago period to EUR892m.

Meanwhile, Marine Harvest said it has completed its acquisition out of receivership of Canadian seafood group Gray Aqua Group, a salmon processor based on the east coast of Canada, for which Marine Harves said it would pay CAD15m (US$11m) on a debt-free basis.

In February, Marine Harvest announced plans to open a new processing facility in Canada. The announcement came as the company revealed its operating profit in 2016 increased to EUR991.2m, compared to EUR345.3m in 2015.

Marine Harvest was among eight of the world's major seafood companies who signed up to a ten-point ocean stewardship plan last year to try to boost traceability and crack down on illegal, unreported and unregulated fishing in their supply chains.