Mowi projects record quarterly operating profit and reports lower production costs
Mowi said its upcoming quarterly report will show a record-high operating profit for the third quarter and noted a drop in unit costs per kilo.
Mowi released a fresh operational update ahead of its detailed third-quarter report scheduled for 4 November, highlighting that the upcoming earnings will mark a record operating profit for this point in the fiscal year. The firm also disclosed that its cost per kilogram of fish fell to 5.11 euros, an improvement of 0.31 euros from the previous year's 5.42 euros, translating into significant savings. Harvest volumes for the quarter were broken down by region: Norway (134,000 tonnes), Scotland (11,500 tonnes), Chile (23,500 tonnes), western Canada (7,500 tonnes), Ireland (2,500 tonnes), the Faroe Islands (3,000 tonnes) and Iceland (4,000 tonnes).
The Consumer Products division generated an operating profit of 45 million euros, while the Feed division contributed 34 million euros. Mowi's total interest-bearing debt was reported at 2.89 billion euros at the close of the quarter.
Why it matters
The outlook signals strong profitability for a major global seafood producer and shows cost efficiencies that could affect market prices.
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