Marine Harvest ASA, Oslo, Norway, has reported fourth quarter 2012 earnings down sharply from 2011, at NOK 60 million ($10.7 million) versus NOK 403 million. That fell well short of the 199.9 kroner average of analyst estimates compiled by Bloomberg.
"Very weak market conditions" in Chile and Canada were blamed for the shortfall by Marine Harvest, which said conditions in Norway itself were "strongly improved." Demand in Chile was hit by discovery of listeria in smoked salmon from Delifish, which led to recalls that cost NOK 25 million.
"The results are a mixed bag, with strong earnings and low costs in Norway and weak results in the American market," Pareto Securities said in an e-mail to clients. "The UK also disappointed."
The weak market conditions in Chile and Canada have continued into the first quarter of 2013, TDN Finans reported, citing Finance Director Ivan Vindheim. Still, Marine Harvest harvested 103,000 metric tons of fish in the fourth quarter, ahead of its own 101,000-ton guidance, it said.
That included 70,000 tons of farmed salmon in Norway, 11,000 each in Chile and Canada, 7,000 in Scotland and 4,000 elsewhere. Operational EBIT per kilogram was NOL 3.5 for Norway, 8.5 for Chile, 5.0 for Canada and 1.2 for Scotland.
