Strong quarterly results in Mainstream Chile
According to the most recent quarterly report produced by Cermaq, Mainstream Chile reported an EBIT pre fair value of NOK 172.2 million (US$ 30.09 million) in Q4 2011, representing a 6.17% increase compared to the NOK 162.2 million obtained by the company in the same period of 2010.
Likewise, EBIT pre fair value per kilogram, gutted weight, was NOK 7.7 (US$ 1.35) in Q4 2011 and NOK 9.3 (US$ 1.63) in Q4 2010. Higher volumes and stronger sales prices for Coho salmon were the main drivers for the improvement, partly offset by significant price reduction on Atlantic salmon.
Volumes sold were 22 300 tonnes in the quarter, an increase of 27 percent or 4 700 tonnes compared to Q4 2010. The main impact relates to higher sales of Coho and Atlantic. Sales volumes in fourth quarter 2011 were 3 800 tonnes above previously communicated estimates due to increased harvest of Coho salmon. Large volumes of Coho salmon and Rainbow trout were as normal harvested in the fourth quarter with volumes mainly sold in fourth quarter 2011 and first quarter 2012.
Average achieved price per kilogram for Atlantic was USD 2.00 lower, or nearly 30 percent, compared to the same period last year and USD 0.93 lower than prior quarter. Achieved price for Coho per kilogram rose by USD 0.45, while achieved price for trout was fairly stable compared to fourth quarter 2010.
Mainstream expects to harvest 122 200 tonnes of salmonids in 2012 compared to 108 500 tonnes in 2011, an increase of 13 700 tonnes or 12.6%. Increased production from existing locations in the 11th Region (Aysén) in Chile and harvest from new locations in Finnmark in Norway are the main reasons for the higher volumes in 2012.
Mainstream Chile exported around 49 200 tonnes of salmonids in 2011, and expects to export close to 51 300 tonnes this year.
