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Salmon farming giant Mowi reports record second quarter as volumes, strong prices boost earnings

Revenue for the group hit €1 billion in the quarter.

The world's largest salmon producer, Mowi, posted an increase in earnings in the second quarter thanks to higher volumes, farming cost reductions and strong prices.

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Operational earnings before interest, tax, amortization and demortization for the group increased 17 percent to €248 million ($275 million), in part thanks to a 15 percent rise in operational revenue and other income, which reached €1 billion ($1.1 billion) in the quarter.

Harvested volumes in the quarter rose 26 percent while strong demand drove high prices for the group.

Cost per harvested kilo also improved in the quarter, although earnings per kilo fell year on year in most regions.

The group also recorded seasonally record high sales and production of feed volumes to 86,231 metric tons and 104,389 metric tons respectively.

Mowi announced plans to rebuild Kritsen's smokehouse and launch the Mowi brand in France during the quarter, as well as agreeing to acquire K. Strommen Lakseoppdrett in Norway.

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