The sales volume for seabass/seabream in Culmarex rose by 43 per cent in Q1. (Photo: Culmarex)

Marine Farms' Q1 revenue up 13 pct

Aquaculture firm Marine Farms ASA’s first quarter revenue grew by NOK 25 million (EUR 3.1 million) or 13 per cent in Q1 compared to the same period last year. This was mainly ascribable to higher prices for salmon in the UK and higher prices plus increased volumes for seabass/seabream in Spain.

EBIT before fair value in the first quarter reached NOK 21.1 million (EUR 2.6 million) versus NOK 6.5 million (EUR 813,787) a year ago.

The Lakeland (UK) salmon operations obtained an EBIT/kg sold salmon of NOK 10.2 (EUR 1.28) in Q1 against NOK 7.2 (EUR 0.90) in 2009. Sales volumes fell by 6 per cent.

The seabass/seabream operations in Culmarex (Spain) yielded an EBIT/kg sold seabass/seabream of NOK 2.4 (EUR 0.30) in Q1 compared to NOK -7.1 (EUR -0.89) in Q1 last year. Sales volume for seabass/seabream rose by 43 per cent.

Fish on ice at a supermarket. (Photo: Culmarex)

Costs related to the two cobia operations in Vietnam and Belize gave a negative EBIT of NOK -8.6 million (EUR -1.1 million) in Q1 2010 versus NOK -6.3 million (EUR -788,747) in 2009.

As of 31 March, equity was NOK 440 million (EUR 55.1 million) (35.5 per cent equity ratio) and net interest-bearing debt NOK 660 million (EUR 82.6 million). As of 31 March, the group showed around NOK 60 million (EUR 7.5 million) in free cash and available credit facilities.

In Q1 revenue was up 13 per cent to NOK 221.4 million (EUR 27.7 million) compared to NOK 196.0 million (EUR 24.5 million) last year.

Revenue was adversely impacted by lower FX rates for EUR (-9 per cent) and GBP (-7 per cent) against NOK.

The result was negatively affected by increased losses in the cobia businesses (NOK -2.3 million) (EUR -287,955) plus higher costs in Marine Farms ASA (NOK -2.4 million) (EUR 300,475).

The salmon price at the end of March was higher compared to the end of December 2009, breeding a positive fair value adjustment for salmon at NOK 2.5 million (EUR 312,995) in Q1.

For seabass/seabream, the prices at the end of March were higher than at the end of December, and thus fair value adjustment for seabass/seabream was positive with NOK 3.0 million (EUR 375,594) in Q1 2010.

In total, fair value adjustment for the group reached NOK 5.4 million (EUR 676,069) in Q1, compared to NOK 11.3 million (EUR 1.4 million) in the same period during 2009.

Net profits were NOK 7.2 million (EUR 901,425) in Q1 versus NOK 1.9 million (EUR 237,876) in the same period in 2009.

By Natalia Real
[email protected]
www.seafood.media

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