Roller coaster prices hit Måsøval Q2 profits

The large Norwegian fish farmer Måsøval has reported higher second quarter revenues, but lower profits during the period.

The company recorded revenues of NOK 935 million (£67m) against NOK 804 million (£57m) last year.

But the operational EBIT was down by NOK 24 million (£1.7m) to NOK 210 million (£15m).

The profit before tax was NOK 175.4 million (£12.5m) against NOK 196.2 million (£14m) in Q2 2023.

The company slaughtered 6,673 tonnes, down from 7,573 tonnes in the same period during the previous year.

Chief executive Helge Kvalvik said that salmon prices were a real roller coaster during the quarter with higher volatility.

He said: “Our harvest profile was somewhat shifted towards the end of the quarter, when prices were low. All in all, we still realized prices that were NOK 8 higher than in the same quarter last year.

“Looking ahead, I am very excited that the new TL52 harvesting facility will become operational in September.

“I strongly believe that the value chain will improve through closer integration of the sales and processing segment. The new processing facility will provide flexibility, stability and new opportunities.”

In the last few days, however, Måsøval’s optimism has been dented by the news that infectious salmon anaemia (ISA) has been detected at a company location in Frøya.

Måsøval notified the Norwegian Food Safety Authority, more than two weeks ago, of findings compatible with the ISA on fish at the location. The suspicion was based on the results of a PCR analysis carried out after sampling at the site.

The usual restrictions have now been put in place.