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.
Go deeper with GlobalData
Discover B2B Marketing That Performs
Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.
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.”
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalDataHowever, 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.
