Måsøval reports £4m Q3 loss

Norwegian salmon farmer Måsøval today reported a third quarter operational loss of NOK 60.6m (£4.3m),  compared with an operational profit of NOK 113m (£8m) 12 months ago.

The results were hardly a surprise after the company issued a Q3 results alert three weeks ago, saying that biological issues and most notably high sea lice levels had become a problem. It warned that results would be weaker than expected.

As with a number of salmon companies over the past few days Måsøval said the period had been challenging.

Revenues fell during the July to September period – from NOK 670.1m (£48m) to NOK 530.3m (£37m). The company slaughtered a slightly lower total of 7,095 tonnes of salmon during the period.

Måsøval CEO Helge Kvalvik said the third quarter was a challenging one of the business.

He explained: “Higher sea temperatures than seasonal normal in our region resulted in high sea lice pressure, which hampered growth and elevated our delousing costs.

“Moreover, we experienced ISA on two sites in the quarter. Harvesting salmon with low weight, resulted in high cost and low prices. In the Sales & Processing segment we also reported a negative operational result, primarily driven by start-up costs at the harvesting facility TL52 at Hitra.”

Looking ahead, he added: “Although it was a challenging quarter, it’s important to highlight the continuing positive trend in Region West, with improved biological performance yielding lower costs, higher superior shares, and increased harvest weights.

“Overall, the quarter provided valuable insights that further strengthened our approach.”