Cermaq reported EBIT pre fair value of NOK 164.1 million for Q3, a reduction of NOK 50.8 million from 2007. The company said that farming results in Norway and Canada improved with approximately NOK 31 million in comparison to 2007. This was however not enough to offset the losses in farming in Chile and reduced margin for EWOS.
But the overall result sof Q3 shows improvement in comparison to Q2. Geir Isaksen informed that it is encouraging to see the good results in farming in Canada and Norway. The biological performance in Nordland has been especially strong, and in Mainstream Canada we have seen reduced costs and strong prices, he added.
The company said that the EWOS feed business has seen an increase in volume of almost 10 percent in Q3 vs. last year. It also said that the challenges in Chile should not be under estimated. Cermaq has implemented a number of company specific actions like lowering densities, greater use of vaccines and moving smolt production into onshore facilities.
According to Geir Isaksen the company is heading in the right direction but it will take time before we see the effect of the actions that have been implemented. Cermaq’s key earnings measure under IFRS is EBIT pre fair value (Operating result before unrealised fair value adjustments). Unrealised fair value adjustments are made in Cermaq’s accounts to arrive at EBIT (Operating result).
