Fleet investments contributed to the company's better results for 2011.(Photo: Copeinca)

Q4 brought better results for Copeinca

Fshing giant Copeinca achieved better results and efficiencies in the fourth quarter of 2011 due to the investments made during the last two years in plants and fleet. Better gross margins and lower impairment losses in 2011 improved operating and net profit substantially.

EBITDA increased by 32.1 per cent and reached USD 100.0 million on revenues of USD 254.5 million at 183,835 tonnes representing 39.3 per cent of net sales, compared to an EBITDA of USD 75.7 million on revenues of USD 233.0 million at 166,871 tonnes and representing 32.5 per cent of net sales in 2010.

The company has significantly raised the quality of its fishmeal production. Last year, 100 per cent of the total fishmeal production (206,720 tonnes) was Steam Dried (SD), compared to 86 per cent in 2010 (91,340 tonnes).

Copeinca finished second in the year processing 13.7 per cent of the total Peruvian quota of 6.2 million tonnes, of which 10.7 per cent (659,985 tonnes) came from the company’s catch, against a total catch of 3.2 million tonnes in 2010, of which 10.1 per cent (328,263 tonnes) came from its harvest.

Total production for the year 2011 was 243,649 tonnes reaching a yield of 29.2 per cent compared to just 119,921 tonnes and a yield of 29.9 per cent in 2010. In 2010, both a moderate "El Niño" and "La Niña", reduced volumes by around 40 per cent compared to an average year, leading to a volume of 3.2 million tonnes versus 5.5 million tonnes.

During 2011, Copeinca reached an EBITDA of USD 3.3 million on revenues of USD 4.6 million from the sale of mackerel and jack mackerel, which did not represent any material profits in 2010.

EBITDA per ton last year was USD 544/tonne, significantly higher than in 2010 which presented an EBITDA of USD 454/tonne, mainly due to the favourable price of fishmeal and fish oil in the first nine months which were linked to a sustained demand and a limited supply for these products. Further, cost savings such as a lower raw material price, fixed costs better absorbed by a higher volume of production and a shorter fishing season also helped Copeinca reach a higher EBITDA.

CAPEX of USD 28.7 million was executed during the year. Out of the total CAPEX, USD 18.3 million was spent on plants, USD 9.3 million on the fleet and USD 1.1 million on other business and administrative areas.

Related article:

- Copeinca Gross Profit Increased Despite Reduced Capture Volume

By Natalia Real
[email protected]
www.seafood.media

Address:	Calle Francisco Graña 155, Urb. Sta. Catalina
City:	Lima
State/ZIP:	(Lima 13)
Country:	Peru
Phone:	+51 1213 4000
Fax:	+51 1213 4034
E-Mail:	[email protected]
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