Shares in Marine Harvest have plummeted after the seafood processor reported a decline in profit for the first quarter.

The company’s share price fell 3.7% yesterday (12 May) to a low of NOK5.8, and has continued falling today, down by a further 4.58% to NOK5.64 at 12:05 (CEST) today.

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Net profit fell to NOK606m (US$109.4m) during the first quarter from NOK608m in the same period of the previous year.

Over the week, the company’s share price has dived 16.87% following the announcement of a NOK0.8 per share dividend on Tuesday (10 May).

Sales increased some 14.1% to reach NOK3.9bn, while EBIT also rose 14.1% to reach NOK1.05bn.

CEO Alf-Helge Aarskog said: “Continued strong global demand for salmon resulted in high prices and record results for our two largest farming units, Marine Harvest Norway and Marine Harvest Scotland.”

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However, he added that he was not “satisfied” with the prices in Norway and the margins in its Canada and European operations. “The establishment of a new global sales and marketing organisation should improve our overall price achievement and an ongoing operational review will address the challenges we have in Canada,” said Aarskog.

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