Mowi’s operating profit halved

MowiPhoto: Mowi

Salmon farming giant Mowi’s earnings before interest and taxes come to 99 million euros in the second quarter, a decline of 112 million euros compared to the same time last year.

The company explains the decline as a result of lower salmon prices and the infection control measures due to the Corona pandemic, writes E24.

The results are however slightly better than anticipated in the July update, which predicted a result of 96 million euros. That was 25% better than the analysts feared.

Mowi also announced that they will not be paying out dividends for the second quarter. This decision was postponed from the first quarter because of the uncertainty surrounding the Corona pandemic.

Revenues in the second quarter fell by 109 million euros to 911 million euros compared with the same time last year. After taxes, Mowi has a profit of 54 million euros which is a massive decline from 140 million last year. The company can inform that they have managed to keep operations running close to normal despite great market and logistics challenges. They will however, reduce staffing by 10% by 2024.

© NTB Scanpix / #Norway Today


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