November 24, 2014
AquaChile sales fall 17.5% in Q3
Fishing firm AquaChile SA said its profits from sales of finished Atlantic salmon product decreased by 14%, of Pacific salmon by 99%, of trout by 21% and of tilapia by 27%.
The company stressed that these losses were partially offset by increased sales of finished products from the companies Ventisqueros and Friosur in the US by the subsidiary AquaChile Inc.
The EBITDA [earnings before interest, taxes, depreciation, and amortization] pre fair value adjustment of the fish biomass was US$2.5 million, which represented a positive development over the same quarter in 2013, when it reported a negative EBITDA of US$1.6 million. This improvement was attributed to a reduction in costs of Atlantic salmon and trout, combined with rising salmon price.
The operational costs of the company fell 20% year on year in the third quarter as a result of lower sales volume and a decline in sales costs of Atlantic salmon and trout.
However, in the first three quarters, AquaChileobtained consolidated sales of US$555.5 million, or an increase of 4% from the same period in 2013.
The company attributed the growth mainly to higher volumes and sale prices for all species.
According to the financial statement submitted by the fishing firm to the Superintendency of Securities and Insurance, in the first nine months of 2014, the EBITDA pre fair value adjustment was US$56.7 million due to an improvement in the margins of the farmed species, especially Atlantic salmon and trout.
With this, AquaChile accumulated an EBITDA of US$76 million in the last 12 months.
In terms of volume, harvests of salmon and trout in 2014 totalled 68,000 gross tonnes. Tilapia harvests totalled 15,000 tonnes.
During the first nine months, the export price was favourable for all species: the value of trout increased by 38%, the Pacific salmon by 35%, and the Atlantic salmon by 13%.
In addition, the financial debt during the third quarter totalled US$267 million, 3.5% less than in the same period last year.
Source: www.cnchemicals.com/