The official figure shows that Marine Harvest has posted an EBIT of NOK 792 million in the second quarter of 2010, compared to NOK 268 million in the corresponding quarter of 2009. Earnings per share improved from NOK -0.02 to NOK 0.21. Strong demand and reduced industry supply lead to increasing prices also in the second quarter.
As the company has posted strong result in the first half it has resolved to call an EGM in August where a half-year dividend of NOK 0.20 per share will be proposed. Marine Harvest reported operating revenues of NOK 3 562 million (NOK 3 948 million) in the second quarter of 2010. Harvest volumes were 68 263 tons compared to 83 960 tons in the second quarter of 2009.
According to the company the net earnings in the period were NOK 741 million (NOK -61 million). Strong demand, reduced global supply and increasing prices have contributed to such a success. CEO of Marine Harvest ASA, Alf-Helge Aarskog comment that the company’s Norwegian operations showed a weak price achievement due to a large contact portfolio with prices well below the spot prices and a lower than normal share of superior fish. There is a considerable potential for improved results the next quarters.
Cash flow from operations amounted to NOK 890 million (NOK 1 099 million) in the second quarter of 2010. Net financial items amounted to a NOK -34 million (NOK -204 million). Net financial items include net interest expenses of NOK 108 million (NOK 120 million). Net interest-bearing debt increased to NOK 4 678 million (4 140 at end of the first quarter) after dividend distribution in June.
Marine Harvest expects to harvest a volume of 294 000 tonnes in 2010, of which 66 000 tonnes is expected to be harvested in the third quarter. The contract share for the third quarter will be in line with the second quarter. However the average contract price is approximately NOK 3 higher than in the second quarter.
