PD Affects Salmar Earnings, Long-term Outlook Bright

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Mon 2012-May-28 15:00
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PD Affects Salmar Earnings, Long-term Outlook Bright
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NORWAY - The SalMar Group posted an operational EBIT of NOK 43.4 million in the first quarter 2012. In addition, SalMar recognised non-recurring costs of NOK 40 million in association with a site in Troms where an outbreak of PD virus led to the harvesting of the entire stock of around 2.1 million salmon. A further NOK 5 million in non-recurring cost was recognised following the identification of PD at a site in central Norway.

The global increase in the supply of salmon was up 33 per cent in the quarter. The demand for the same period has been good, resulting in rising salmon prices.

SalMar Central Norway posted satisfactory results. Despite a relatively low secondary processing volume, InnovaMar's contribution was good. As has previously been announced, the fish farming segment has been affected by biological issues relating to harvested fish.

SalMar Northern Norway's results were affected by a low average weight for harvested fish. Due to changes in operational plans it was necessary to harvest the fish at a lower average weight, which gives a higher production cost per kg and a lower sales price.