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Salmon farming centre. (Photo: Invermar)

Invermar closes first quarter with losses due to harmful algae

  (CHILE, 6/1/2018)

Invermar SA recorded a USD 1.2 million loss in the first quarter of this year, a result that reflects the significant impact of toxic algal bloom events recorded in this period.

The company explained that the algae bloom had a negative effect of USD 5.2 million and a net negative effect of fair value of almost USD 5.8 million.

At the end of March 2018, the company presented operating income of USD 64.79 million, aligned with the same period of 2017, when the sales level reached USD 64.73 million.

The EBITDA without fair value adjustment was USD 15 million, a result that represents a growth of 5 per cent compared to the first quarter of last year.

The company explained that its level of invoicing responds to a decrease in international prices and its higher production of salmon. In this regard, it reported a WFE harvest level (equivalent to whole fish) of 10,099 tonnes in the first three months of 2018, higher than the 8,617 tonnes harvested in the same period of 2017.

The volume sold until March 31 totalled 6,894 net tonnes of final product, compared to 5,797 tonnes in the same quarter last year.

Sales of Atlantic salmon totalled 5,909 tonnes, equivalent to 86 per cent of the volume sold in the first three months of this year (84 per cent in 2017).

Sales of coho salmon accumulated during the quarter reached 985 tonnes and accounted for the remaining 14 per cent.

[email protected]
www.fis.com

 


Information of the company:
Address: Av. Presidente Kennedy 5682, Vitacura
City: Santiago
Country: Chile
Phone: +56 (2) 2580 5200
Fax: +56
E-Mail: [email protected]
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