OSLO – The world's largest fish farmer, Marine Harvest, said global salmon prices would stay low for some time and it was determined to exploit the "challenging market outlook" to make acquisitions after a forecast-beating fourth quarter.
"We expect a challenging supply situation in 2012 with continued pressure on prices," chief executive Alf-Helge Aarskog said in a statement on Wednesday.
He attributed the sound earnings to "favourable sales contracts" that have minimised Marine Harvest's exposure to a depressed spot market. Analysts have cautioned that many of those contracts will soon expire.
Pre-adjusted operational earnings before interest and tax (EBIT) totalled 403 million Norwegian crowns ($69.8 million) in the final quarter of 2011, Marine Harvest said.
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