Investments will be mainly destined to launching new salmon fattening centres. (Photo: Camanchaca)
Camanchaca cuts investments by USD 15 million
Thursday, May 03, 2012, 00:30 (GMT + 9)
Because of the constraints imposed in the new General Law of Fisheries and the negative results obtained by Camanchaca SA in 2011, executives at the company have agreed to reduce the investment plan between 2012 and 2013.
"Our plans and projects are responsive to changing legal and bio-normative phases that should be implemented during the fishing industry development in 2013. Our ability to generate positive results is also affected by the legislation," explained Ricardo Garcia, general manager of Camanchaca during the board meeting of shareholders.
For this reason, the initial investment projected for the period 2012-2013 will be reduced from USD 61 million to USD 46 million.
The company plans to invest USD 30 million this year and USD 16 million in 2013. The money invested will be mainly for the launch of new fattening centres for salmon farming and harvesting.
In addition, García commented that to meet future unfavorable scenarios this year, the company will deal with a comprehensive review process plan, which will increase productivity and efficiency of operations, Estrategia reported.
"This plan includes the sale of assets that we have considered expendable for the continuation of our current operations," the entrepreneur added.
Fixed assets are "primarily properties that the company has had in recent years or decades" and that now, following a review of its activities, considers needless.
Camanchaca forecasts that growth will fall by less than 5 per cent next year.
This reduction could result in increased prices, as world demand for salmon is growing between 6 per cent and 7 per cent each year.
García said Camanchaca expects to harvest between 42,000 and 44,000 tonnes of salmon in 2012, and in 2013, between 43,000 and 45,000 tonnes in total.
"Probably, we will reach or exceed 50,000 tonnes in 2014," the executive predicted, according to Diario Financiero.
- Camanchaca expects to produce 40,000 tonnes of salmon in 2012
By Analia Murias