Marine Harvest Reports Q2 Losses

The financial problems for the world's largest fish farming corporation continued, with Marine Harvest reporting another drop in revenue for the second quarter.

The corporation reportedly earned CAD $28.5 million (NOK 145 million) in the second quarter of 2008. This follows an even bigger loss in earnings reported in the first quarter, but is a sharp 65 percent loss when compared to the second quarter of last year.

CEO Aase Aulie Michelet blamed the losses on continued problems in Chile, lower volumes sold at a lower price, and rising costs in Norway. The company was forced to close two of its processing plants in Chile this quarter, but claims the number of new disease outbreaks there is decreasing.