Norway Royal Salmon posted earnings before interest, tax, demortization and amortization (EBITDA) of NOK 153.4 million (€15.2 million/$16.7 million) in the third quarter, more than triple the same quarter last year thanks to a huge boost in harvest volumes and a sizable growth in revenues.

Volumes sold in the quarter rose 66 percent to 24,736 metric tons, which, despite lower prices, pushed operational revenues up 60 percent to NOK 1.4 billion (€138.6 million/$152.6 million).

Harvested volumes skyrocketed, more than tripling to 7,513 metric tons in the quarter -- 7,076 metric tons in Region North and 437 metric tons in Region South.

Region North, NRS's main operations, posted an operational EBIT of NOK 138.7 million (€13.7 million/$15.1 million) in the quarter, compared with NOK 53 million (€5.2 million/$5.8 million) in the corresponding quarter last year.

Operational EBIT per kilo gutted weight was NOK 19.60 (€1.90/$2.10) compared with NOK 22.27 (€2.20/$2.40) in the corresponding quarter last year.

Region South, meanwhile, posted an operational EBIT loss of NOK 3.7 million (€366,300/$403,300) in the quarter, compared with positive earnings of NOK 1.8 million (€178,200/$196,200) in the corresponding quarter last year. Operational EBIT per kilo gutted weight marked a loss of NOK 8.45 (€0.84/$0.92), compared with positive earnings of NOK 18.05 (€1.80/$2) in the corresponding quarter last year.

The strategic assessment of the group's operations in Region South was completed with a signed sales agreement on September 26 with an enterprise value of NOK 1240 million (€122.8 million/$135.2 million). The transaction is expected to be completed in December 2019.

Region South has therefore been treated as an entity held for sale in the third quarter reporting.

Payments for growth investments in Arctic Offshore Farming and the group's new smolt facility, as well as the buildup of biomass in the sea -- which the group grew 32 percent in the quarter -- has resulted in an increase in net interest-bearing debt in the quarter to NOK 926 million (€91.7 million/$100.9 million).

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Earnings rocket for Norway Royal Salmon in Q3