According to the press release Marine Harvest Group has announced its operational EBIT of NOK 759 million in the third quarter of 2010, compared to NOK 594 million in the corresponding quarter of 2009. Thus the increase is from 16.5 percent to 21 percent. Earnings per share improved from NOK 0.18 to NOK 0.19.
The cash flow was strong in the third quarter of the current financial year and base don that the Board has resolved to call an EGM in December where an extraordinary dividend of NOK 0.05 per share will be proposed. The operating revenue of the company is NOK 3 610 million (NOK 3 601 million) in the third quarter of 2010. Harvest volumes were 64 032 tons compared to 79 554 tons in the third quarter of 2009. Net earnings in the period were NOK 670 million (NOK 626 million).
CEO of Marine Harvest ASA, Alf-Helge Aarskog said that the higher price achievement has improved the result for the whole Group and Marine Harvest VAP Europe adapts to the higher raw material prices. Based on this result the prospect of the fourth quarter is bright with prices above the contracted prices for the third quarter.
The equity ratio decreased to 52.8 percent at the end of the quarter (57.2 at end of the second quarter). Marine Harvest expects to harvest a volume of 292 000 tonnes in 2010, of which 87 000 tonnes is expected to be harvested in the fourth quarter. Alf-Helge Aarskog said that the company is currently focusing on optimizing production volumes from existing licences in Norway. This incremental production will require limited capital expenditure and contribute to a lower overall production cost and increased margins going forward.
