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The Marine Harvest Group ASA (Public, OSE: MHG) achieved an operational EBIT of NOK 894 million (USD 162.8 million) in the second quarter of 2011, compared to NOK 792 million (USD 144.2 million) in the corresponding quarter of 2010.
Higher achieved prices and higher harvest volumes were the main drivers behind the improved results, with a strong contract portfolio for the second half of 2011.
Marine Harvest reported operational revenues and other income of NOK 4,192 million (USD 763.1 million) in the second quarter of 2011. Harvest volumes were 79,932 tonnes compared to 68,102 tonnes in the second quarter of 2010. Net earnings in the period were NOK 685 million (USD 124.7 million).
"During the last part of the second quarter our industry experienced a sudden and significant increase in supply, leading to a significant decrease in spot prices," said CEO of Marine Harvest ASA, Alf-Helge Aarskog.
"Despite this supply shock, Marine Harvest was able to improve average achieved prices in the quarter. Overall operational performance in the group was satisfactory, with record results in Scotland."
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