In its press communiqué Cermaq states that the company posted an EBIT pre fair value adjustment of NOK 502 million for Q3 2010. Adjusted for gains on divestment, the EBIT was NOK 432 million which is the best quarterly result Cermaq has ever achieved. According to the company the main reason behind sucha string result are strong salmon prices, major growth in feed volumes and considerable improvements in the farming operations in Chile.
The divestment of the Scottish farming operations which was completed in August 2010 resulted in a gain of NOK 70 million. EBIT from normal operations was thus NOK 432 million. Cermaq also sold its shares in Marine Farms in Q3. The two transactions contributed with a total net consideration of approximately NOK 460 million. CEO Geir Isaksen said that the result was very satisfying as in third quarter the company demonstrated excellent profitability in all parts of operations.
EWOS presented a strong result with an EBIT of NOK 238 million for Q3 and a return on capital employed (ROCE) of 16.1 percent. Isaksen added that the portfolio combined with good operations is essential to maintain the results at a sustained high level. Mainstream continued to strengthen its results and presented an EBIT of NOK 230 million for Q3. This corresponds to an EBIT per kg of NOK 10.8.
Isaksen also said that even though the high salmon prices are reflected in Mainstream’s result, the result clearly demonstrates the effect of the measures that have been implemented in Chile over the last two years. The market continues to be strong, even if prices in the US market have been significantly lower in Q3 than in Q2.
