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Farmed salmon. (Photo: Los Fiordos)

Aquaculture segment boosts Agrosuper’s profits

  (CHILE, 8/26/2016)

The aquaculture segment boosted profits that Agrosuper Group, composed of Agrosuper S.A. and its subsidiaries, obtained in the first half of this year, according to the latest report of its consolidated financial statements.

Agrosuper explained that between January and June, it obtained a profit of CLP 69,622 million (USD 103 million), a result that is 13.2 per cent higher than in the same period of 2015 due to higher operating income in the aquaculture segment.

In this period, the return on assets was 8.2 per cent and consolidated EBITDA margin on sales reached 16.3 per cent.

"The developments implemented in our value chain, focused on improving our competitive position, coupled with market conditions for protein producers and marketers allowed us to continue to execute the business profitability strategy and the firm’s financial strengthening", the group explained in the report sent to the Superintendency of Securities and Insurance (SVS).

In the first half of this year, the company presented profits -- before tax -- of CLP 89,363 million (USD 132 million), indicating a performance of 15.7 per cent higher than in the same period of 2015.

"This improvement in the result is mainly explained by better operating results achieved in the aquaculture segment (as a result in part of the positive impact on fair value due to rising international prices for Atlantic salmon), and partly offset by normalizing results in the meat segment," stated Agrosuper.

Meanwhile, revenues from sales of the meat segment increased 2.1 per cent and the income before taxes fell 16.1 per cent over the first half of last year.

The company said that "moderation in sales prices together with increased costs (as a result of specific increases in grain prices) explained the decline by 5 percentage points of the EBITDA margin on sales compared to the same period last year".

The aquaculture segment includes production, processing, distribution and marketing of products based on Pacific and Atlantic salmon, both in the domestic market and in exports. This is carried out under the Super Salmon brand.

This business process is vertically integrated from egg production to marketing its products in the domestic and international markets through the extensive distribution chain that Agrosuper has.

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Information of the company:
Address: Camino la Estrella N°401, of. 7, Sector Punta de Cortes
City: Rancagua
Country: Chile
Phone: +56 72 201 000
Fax: +56 72 201 000
E-Mail: [email protected]
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