SalMar is up 58 per cent on the same quarter in 2012 after generating almost NOK 1.3 billion in gross operating revenues in the first quarter of 2013. The significant rise in salmon prices has been integral to the figures, as well as a 34 per cent rise in the volume harvested (totalled 23,200 tonnes this quarter).
"We are pleased with the performance of all our fish farming segments, and are particularly delighted to see that the Rauma segment is back delivering strong margins. SalMar Northern Norway also did well during the quarter, considering that 70 per cent of the fish is from Finnmark, where costs are higher, and that all the fish was harvested in January and February, when the price of salmon was lower than in March," said SalMar CEO Yngve Myhre.
The Sales and Processing segment achieved stable results from its processing operations, though the contribution from this segment was reduced by an almost 30 per cent fixed-price contract rate.
The outlook for the rest of 2013 is good. At the end of May Fish Pool forward prices point to an average salmon price for 2013 of NOK 35 per kg. Sea temperatures have been significantly lower in the first quarter this year than last, which has to some degree affected the growth of marine-phase fish stocks. Despite this, however, SalMar is maintaining its harvesting forecast of 116,000 tonnes for 2013, an increase of 13 per cent compared with the 102,600 tonnes harvested in 2012.