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BRIEF-Fish farmer Bakkafrost's core Q2 earnings miss forecast
August 22, 2017 / 4:12 AM / 3 months ago

BRIEF-Fish farmer Bakkafrost's core Q2 earnings miss forecast

Aug 22 (Reuters) - P/F Bakkafrost

* Q2 operational ebit dkk 459.2 million (Reuters poll dkk 476 million)

* Q2 revenues dkk 1.21 billion (Reuters poll dkk 1.12 billion)

* Expects to harvest 53,500 tonnes in 2017 (Reuters poll 53,500)

* Total volumes harvested in q2 2017 were 18.4 thousand tonnes gutted weight

* Bakkafrost transferred 1.9 million smolts in q2 2017. In q2 2017, havsbrún sourced 163.1 thousand tonnes of raw material

* Expectations are that global supply of atlantic salmon will rebound from decline in h1 2017 to an increase of around 8-10% in h2 2017

* Latest update from kontali analyse estimates global supply of atlantic salmon to increase around 2% in 2017, compared to -6% in 2016

* Expects to release 11.5 million smolts in 2017, compared with 11.7 million smolts in 2016 and 11.3 million smolts released in 2015

* Has signed contracts covering around 58% of expected harvested volumes for rest of 2017

* This corresponds to an expected contract coverage of around 40% for full year 2017

* Havsbrún’s sales of fish feed in 2017 are expected to be at 85,000 tonnes Source text for Eikon: Further company coverage: (Reporting By Terje Solsvik)

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