Marine Harvest Canada nets CAD$ 25 million profit in three months
The latest figures released in the Marine Harvest second quarter report for 2010 indicate a drop in the supply of its farmed salmon world wide of some 10% compared with 2009. The overall supply of Atlantic salmon this year is expected to drop by about 5% according to figures supplied by Kontali A/S. The company’s own production in Norway and Canada will remain essentially the same, while output from Chile will be reduced by as much as 86% this year compared with last year, although both years produced a relative small percentage of the overall amount of salmon that Marine Harvest sold in these two years. Industry wide figures from all of Chile indicate a drop in output of Atlantic salmon in 2010 of some 60% compared with 2009.
Marine Harvest Canada produced some 39,500 tonnes of farmed salmon in B.C. in 2007, 36,100 tonnes in 2008 and 36,500 tonnes in 2009. The estimate for 2010 is 36,000 tonnes, which show the inability to grow the business here, despite a high demand and solid financial performance. The Canadian government is about to take over the regulatory responsibility of the aquaculture industry from the Province of British Columbia, and with that comes hope that the business of farming salmon here will be given the opportunity to expand in order to regain market share in North America.
The company reported earnings (EBIT) of NOK 248 million (~€ 31 million) from its Canadian salmon farms in 2009, but in the second quarter of 2010 alone, the same calculation of profits jumped to approximately NOK 198 million, or ~ € 25 million. This amounts to an operational profit of some NOK 11.65 (~€ 1.45) per kilo of harvested fish, compared with NOK 9.14 (~€ 1.14) a year earlier.
