Marine Harvest expects Q1 profit to rocket 92%

Norwegian salmon giant says it harvested a total of 84,000 tons of salmon in the first quarter of the year.

Oslo-listed Marine Harvest said its operational earnings before interest and taxes (EBIT) amounted to about €215 million ($230.6 million) in the first quarter of the year -- up 91.9 percent from the €112 million ($120.1 million) reported last year.

Its Canadian operations reported the highest operational EBIT per kg with €3.35 ($3.60), it said in a trading update Thursday.

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Norway reported an operational EBIT per kg of €2.50 ($2.70), Scotland of €3 ($3.20) and in Chile it came to €1.85 ($2) per kg.

Overall, the company harvested 84,000 metric tons of salmonid species, in gutted weight equivalents (GWE), which was on par with the guidance given in the fourth quarter. 

The group harvested 49,000 metric tons in Norway, 18,000 metric tons in Scotland, 9,000 metric tons in Canada, 6,000 metric tons in Chile and 2,000 metric tons came from its other operations.

Reported net interest bearing debt was approximately €845 million ($906.3 million) at the end of the quarter.

The complete first quarter 2017 report will be released on May 10, the company said.

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