Tilapia processing line. (Photo: AquaChile)
AquaChile increased sales, but reports losses
Friday, September 07, 2012, 23:00 (GMT + 9)
AquaChile SA reported to Superintendencia de Valores y Seguros (SVS) consolidated sales for USD 258 million during the first half of this year, an amount that represents an 11 per cent increase over the same period in 2011. However, the company recorded a loss of USD 15.7 million, which primarily attributed to lower salmon export prices.
The sales growth reflects increased production of various aquaculture species the company farms in line with its long-term production plan.
In volume terms, trout and Atlantic and Pacific salmon reached 38,000 gross tonnes.
AquaChile also harvested 11,000 gross tonnes of tilapia in the first six months of this year.
The EBITDA of the company prior to the revaluation adjustments to the biomass fair value reached USD 25 million.
Nevertheless, despite the increase in total sales of 11 per cent, the company reported a loss of USD 15.7 million in the first half of 2012. This result is related to the lower export prices due to increased global salmon supply and also to a loss due to the net effect of biomass assessment to fair value.
AquaChile estimated that salmon prices should tend to recover, given that:
- The Chilean industry has slowed fish stocking;
- Domestic salmon prices currently lag behind compared to the values handled by other salmon producing countries;
- It is expected that the salmon supply grows at a significantly lower rate than this year;
- Salmon prices are expected to recover from the backwardness trend that they have shown compared to the value other animal proteins have.
With regard to international business, the company believes that they have performed well.
"In Costa Rica and in Panama, tilapia production reached 11,000 gross tonnes in the period, which represented an 11 per cent increase" in relation to the same period of 2011, said AquaChile.
- 'The salmon industry is really attractive', ensures AquaChile manager
By Analia Murias
Photo Courtesy of FIS Member AquaChile S.A. - Group Headquarters