Best result ever for SalMar

SalMar`s operating revenues in the first quarter 2007 amounted to NOK 423.8 million, compared with NOK 201.1 million in the corresponding quarter 2006. This represents a 110.7 percent increase, due largely to greater harvesting volumes. SalMar Mid-Norway harvested approximately 11,700 tonnes gutted weight while Senja Sjøfarm harvested approximately 800 tonnes gutted weight, in the quarter. Operating profits before adjustment of fair value of biomass totalled NOK 137.8 million in the first quarter compared with NOK 27.4 million in the corresponding period 2006. This represents more than 400 percent growth, the company reports. For SalMar Mid-Norway this yielded an operating profit per kilo gutted weight of NOK 12.68 and NOK 4.33 for Senja Sjøfarm. The Company`s profit after tax in the first quarter 2007 amounted to NOK 107.5 million (biomass adjustment of NOK -10.0 million), compared with NOK 118.4 million in the corresponding quarter 2006 (biomass adjustment of NOK 127.8 million). Earnings per share was NOK 1.08, compared with NOK 1.18 in the corresponding period last year. The associated company Norskott Havbruk contributed a profit share after tax of NOK 16.4 million in the quarter. In 2007, SalMar plans to harvest a total of approx. 61,500 tonnes gutted weight. This volume includes approx. 41,000 tonnes gutted weight for SalMar Mid-Norway and approx. 8,000 tonnes gutted weight for SalMar Northern Norway. Norskott Havbruk plans to harvest approx. 25,000 tonnes gutted weight, of which SalMar`s share is 50 % (approx. 12,500 tonnes gutted weight). The market for salmon has shown a positive development during the first quarter 2007. Increased volume at lasting favourable prices shows that there is a substantial demand for salmon products and that the market is healthy. In general, the market for salmon products in Europe seems to be growing rapidly, with good sales opportunities for the fish farming industry.