Mass mortality washed away all of Mowi’s Canadian profits in Q3

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Mowi lost 2.6 million fish from Northern Harvest.

In a trading update Tuesday morning from the Oslo Stock Exchange, Mowi presented that its operating EBIT is approximately EUR 146 million in the third quarter, compared with EUR 207 million during the same quarter last year.

Mowi also reiterated what has reported Sunday’s stock exchange announcement, that the company lost USD 5 million following the mass mortality in Canada, which is included in the quarterly results.

Mowi harvested 117,000 tonnes of gutted weight in Q3. In connection with the presentation of second-quarter figures, Mowi guided a total harvest volume of 113,000 tonnes of gutted weight for the second quarter.

The harvest volumes in the quarter were distributed as follows:

Norway 63,500 tonnes
Scotland 19,500 tonnes
Canada 16,000 tonnes
Chile 14,000 tonnes
Ireland 2,000 tonnes
Faroe Islands 2,000 tonnes.

Total Operational EBIT per kg was:

Norway EUR 1.65
Scotland EUR 1.35
Canada EUR 0.00
Chile EUR 1.30
Ireland EUR 1.10
Faroes EUR 1.40

The company’s net interest-bearing debt was around EUR 1.23 billion at the end of the quarter.

Mowi will present the full Q3 report on October 30th.