In the first quarter of 2012 Copeinca caught 6,600 MT of mackerel and jack mackerel (Photo: Copeinca ASA)

COMPANY OF THE WEEK: Copeinca Revenues Soar

As a consequence of a larger than usual second fishing season's quota in 2011, larger volumes were sold during the first quarter 2012 (Q1’12) and Copeinca ASA (Public, OSL:COP) reached significant results.

Revenue for the first quarter of 2012 was USD 99.1 million, increased by USD 71.3 million compared to USD 27.8 million for the same period in 2011.

Copeinca reached an EBITDA of USD 33.8 million compared to the USD 7.6 million in the first quarter of 2011, representing an EBITDA margin of 34.1 percent compared to 27.4 percent in Q1'11.

Copeinca's Q1 2012 Financials

Volume sold was 77,734 MT during the first quarter, up from 18,099 MT in the same period of the previous year, as a consequence of a large fishing season in the second semester in 2011 and therefore unusually larger volumes sold in Q1'12.

Revenue per ton sold for the first quarter 2012 had an average of USD 1,274/MT down from USD 1,535/MT in Q1'11, including revenues of USD 3.0 million from the sale of mackerel and jack mackerel vs. USD 2.1 million in the same period last year.

In Q1'12, the Company caught 6,600 MT of mackerel and jack mackerel which represented sales of around USD 3.0 million and 10 percent of the total catch of Peru during the period.

Copeinca's fishing vessels are fitted with the most advanced technology to search and follow the biomass as well as to maintain continuous contact with its base on shore

On March 1st, Jorge Ramirez was appointed CFO of Copeinca ASA, replacing Eduardo Castro Mendivil.

On April 6th 2012, the start of the first fishing season was announced. It started on May 2nd 2012 at 00:00. The maximum allowable catch limit of anchovy for indirect human consumption for the first fishing season 2012 is 2,700,000 MT. The first fishing season will end once the maximum allowable catch limit is reached, otherwise on 31st of July 2012.

Copeinca ASA runs its operations out of Lima and has its own fleet

The Annual General Meeting of COPEINCA ASA was held on Tuesday 25th April 2012, 10:00 a.m. at Felix Conference Centre, Bryggetorget 3 (Aker Brygge), Oslo.

Dividends in the amount of USD 39 (NOK 228,150,000 - NOK 3.9 per share), payable on May 10th 2012 were approved at theAnnual General Meeting.

About Copeinca ASA

The company is one of the largest fishmeal and fish oil producers in Peru

Copeinca ASA is one of the largest fishmeal and fish oil producers in Peru. The Company produces its fishmeal and fish oil from anchovy harvested off the coast of Peru, and most of its production is exported.

Key countries for export are China, Japan, Germany, Canada, Chile and Denmark.

Typical customers are fish and animal feed producers as well as refineries for omega-3 products. Copeinca ASA runs its operations out of Lima and has its own fleet.

Copeinca ASA operates 5 plants located in strategic locations all around the Peruvian coast line.

The company has around 1,400 part and full time employees.

Source: Copeinca ASA

Margaret E.L.Stacey
Editor Companies and Products
editorial@fis.com
www.fis.com

Address:	Calle Francisco Graña 155, Urb. Sta. Catalina
City:	Lima
State/ZIP:	(Lima 13)
Country:	Peru
Phone:	+51 1213 4000
Fax:	+51 1213 4034
E-Mail:	sales@copeinca.com.pe
More about:

 

 

 

 

Print