Mowi estimates that operating profit almost halved to around 80 million euros in the third quarter, but it is still better than analysts expected.
Salmon farmer Mowi currently estimates operating profit at around 80 million euros in the third quarter (869 million kroner), according to an update from the company.
Operating profit per kilo is estimated at 0.85 euros in Norway, 0.35 euros in Scotland, −0.55 euros in Canada, 0.55 euros in Chile, 1.85 euros in Ireland and 1.30 euros in the Faroe Islands.
In advance, analysts expected operating profit to fall to 69 million euros (746 million kroner), from 148 million euros at the same time last year, according to TDN Direkt. Analysts’ expectations for revenues were 1.045 billion euros, marginally up from 1.021 billion euros.
The corona pandemic has hit salmon producers hard with lower prices and higher costs. In addition, Mowi is struggling with problems related to salmon lice.
Slaughtered a little less than expected
The company harvested 126,000 tonnes in the quarter, slightly below the guideline of 128,000 tonnes from the second quarter. The volume is divided into 76,500 tonnes in Norway, 16,000 tonnes in Scotland, 12,000 tonnes in Canada, 16,500 tonnes in Chile, 3,000 in Ireland and 2,000 in the Faroe Islands.
Net interest-bearing debt was around EUR 1.46 billion at the end of the third quarter.
Mowi is the world’s largest producer of Atlantic salmon, and with a market value of NOK 86.7 billion, is the eighth largest company on the Oslo Stock Exchange.
Mowi shares have fallen over 25 percent so far this year. Billionaire John Fredriksen is the largest owner.
Complete results will be presented on 4 November.
Here you will find the message from Mowi
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