Mowi Q3 profit rises 64% despite €11m hit in Canada
The world’s biggest salmon farmer, Mowi, made an operating profit of €131 million (£110.5m) on a harvest of 117,000 gutted weight tonnes in the third quarter of this year.
The harvest volume was 7,000 gwt more than guided in Q2, and operational EBIT (operating profit) was €51m higher than the €80m made in the same period last year – an increase on almost 64%.
In a market update Mowi said €11m was knocked off the potential operating profit due to extraordinary mortalities in Canada - €6m due to a plankton bloom incident in Canada West and €5m in connection with a low oxygen incident in Canada East.
Blended farming cost per kg harvested was €4.59. The extraordinary mortalities in Canada affected total margin in the quarter by €0.09/kg.
EBIT per kg per region
Total operational EBIT (operating profit) per kg through the value chain was approximately:
- Norway €1.40
- Scotland €0.90
- Chile €0.90
- Canada €0.00
- Ireland €1.85
- Faroes €0.85
Operational EBIT in Mowi’s Consumer Products division was €22m (Q3 2020: €21m) and €10m (€12m) in Feed.
The full Q3 report will be released on November 10.