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Camanchaca processing facilities. (Photo: Camanchaca)

Camanchaca’s profits grow 34pct through September

Click on the flag for more information about Chile CHILE
Friday, November 10, 2017, 00:50 (GMT + 9)

Camanchaca reported that between January and September of this year it obtained a profit of USD 21.2 million, 34 per cent higher than in the same period of 2016, which was USD 15.8 million.

The EBITDA showed an even more favorable evolution, changing from USD 15 million in the first nine months of 2017 to USD 42.2 million this year.

The company indicates that this evolution of its results accounts for a context of oceanographic normalization this year, against the most acute moment of El Niño phenomenon that was experienced at the beginning of 2016.

Camanchaca highlighted the positive influence of salmon prices, which rose 33 per cent, and lower harvest costs, which fell 11 per cent.

Meanwhile, salmon volume sales declined by 43 per cent. This decrease was attributed to the company's decision to reduce the stockings at two farming centres in 2015, whose impact was reflected in the first half of 2017 in lower harvests, and to the lower inventories at the beginning of 2017 due to the salmon lost in the harmful algae episode of 2016.

The salmon business generated a profit of USD 26.2 million and a positive net effect on the "fair value" (FV) of USD 8 million.

The impact of the largest catches in northern Chile was also positive, reaching 61,000 tonnes, more than three times what was caught through September 2016. These catches are the largest of the last five years for this period, and they allowed Camanachaca to reduce fishmeal and fish oil production costs, and increase sales.

The company's total consolidated revenues fell 9.5 per cent to USD 328 million, as a result of a 19.5 per cent fall in salmon revenues, an 18.5 per cent increase in fishing revenues and an increase of 1.2 per cent in those of Harverts.

The fall in Salmon is the combination of 42.5 per cent less in the volumes sold and 32.8 per cent better prices. Fisheries revenues, once El Niño conditions were normalized, were favourably affected by better catches and materialization of sales of their products, but affected by lower prices.

This evolution of Revenues generated USD 36.5 million of EBITDA in Salmon and USD 6.6 million in Fishing, leaving a consolidated EBITDA before FV of USD 42.2 million.

The Fishing loss was USD 3.3 million, lower than that registered in the nine months of 2016, which was USD 7.2 million. This result occurs in a context of higher catches in all pelagic fisheries, but with sharp falls in fish oil prices (-26.2 per cent), fishmeal (-12.8 per cent), canned horse mackerel (-10, 5 per cent) and frozen horse mackerel (-8.9 per cent).

In the combination of these products, lower prices had a negative impact of USD 13 million on the results of the first nine months.

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