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Fish farmer Marine Harvest sees higher costs ahead
February 6, 2013 / 6:26 AM / in 5 years

Fish farmer Marine Harvest sees higher costs ahead

OSLO, Feb 6 (Reuters) - Marine Harvest, the world’s largest salmon farmer, expects its overall costs to increase over the next quarters due to higher raw material prices and increased production costs as it reported full fourth-quarter results that slightly beat analysts’ expectations on Wednesday.

The company, controlled by shipping tycoon John Fredriksen, also said it was worried about the market outlook in the Americas, where salmon prices have well below break-even and where problems with fish disease in Chile are pushing up production costs.

“The groups’ overall costs are likely to increase over the next quarters,” Marine Harvest said in a statement.

The firm expects to harvest some 350,000 tonnes of salmon this year, against analysts’ expectations for 353,205 tonnes.

Pre-adjusted operational earnings before interest and tax (EBIT) totalled 64 million Norwegian crowns in the final quarter of 2012, Marine Harvest said.

Analysts had been expecting an operational EBIT of 61.5 million crowns on the basis of preliminary figures the company presented last month. (Reporting by Oslo newsroom)

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