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Northern Harvest buoys Marine Harvest Canada's results

Results were pulled down due to protesters, biological challenges, sea lice, however.

Biological challenges continued to negatively impact the price and harvests for Marine Harvest Canada in the third quarter, according to the company's latest financial results. But the company's newest acquisition, eastern Canada-based Northern Harvest, is proving a bright spot.

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Salmon of Canadian origin accounted for operational earnings before interest and taxation (EBIT) per kilo of €1.05 ($1.20) in the quarter, a drop from €1.73 ($1.97) per kilo last year.

Operational EBIT for Marine Harvest Canada amounted to €13 million ($14.8 million) in the third quarter, a nearly 33 percent drop from the third quarter of last year when it was €19.3 million ($22 million).

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Northern Harvest accounted for more than half of the company's third-quarter operational EBIT at €6.8 million ($7.8 million). It also boosted harvest volumes in Canada to 12,405 metric tons gutted weight equivalent (GWE) in the third quarter, an 11 percent increase from the third quarter of last year when the company harvested 11,151 metric tons gutted weight equivalent (GWE).

Marine Harvest said its cost level in the third quarter of 2018 was higher than the comparable quarter of 2017 due to challenging biological conditions, fish mortality, and extra costs associated with protester activities. The company said its costs were up in the third quarter from the build-up of its operations in Atlantic Canada.

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The biological costs per kilo of salmon harvested in the quarter increased by 10 percent compared to the previous year.

The company reported incident-based mortality took $3.2 million ($3.7 million) from its operational EBIT through the third quarter of this year due to environmental conditions, gill issues and lice treatments. The company reported however that sea lice levels at the end of the quarter were lower than the comparable quarter of 2017.

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