Norway's Mowi plans to increase its production by 4.7% in 2020, the world's largest fish farming company said on Wednesday, as it reported quarterly earnings slightly better than its earlier outlook.
The company's third-quarter operating profit dropped 28.5% on-year to €148 million ($164.41 million), but slightly outperforming its forecast of €146 million.
Mowi raised its full-year growth forecast for the global salmon industry's production to 6% - 8% from a previous forecast of 4% - 7%, and expects overall volumes to grow by at least 1%-6% next year.
The company maintained its plan to harvest 430,000 tonnes of salmon this year, and has set a target of 450,000 tonnes for 2010.
Drop In Prices
There was a drop in salmon prices this year, while company costs surged amid a spike in fish mortality at its Canadian operations, triggered by rising seawater temperatures.
"The third quarter has been more challenging than normal for our farming organisation," chief executive Alf-Helge Aarskog said in a statement.
The company maintained a quarterly dividend of 2.6 Norwegian crowns ($0.2817) per share, unchanged from the second quarter.