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Salmon farm. (Photo: Invermar)
Invermar improves its results, aided by high salmon prices
(CHILE, 6/2/2017)
Invermar reported that during the first quarter this year it obtained consolidated profits for USD 7.9 million, a result that implies a significant improvement over the loss of USD 542,000 registered in the same period of 2016.
The company said that this result is mainly explained by an operating profit before a fair value adjustment of USD 13.8 million, together with a fair value net adjustment of USD-1.8 million.
In the salmon segment, EBIT without accumulated fair value adjustment as of March 31, 2017 was USD 11.9 million. Meanwhile, EBITDA without recognition of the fair value adjustment reached a value of USD 13.9 million up to March 2017, which means a difference of USD 14.2 million compared to the loss of USD 205,000 recorded in the same period 2016.
Cumulative consolidated sales as of March 2017 amounted to USD 64 million, an increase of 90 per cent compared to the same period last year, when sales reached USD 34 million.
Invermar explained that this higher level of billing responds to the increase of international prices and to its greater salmon production.
In the first quarter, the company achieved a WFE harvest level of 8,617 tonnes, compared to 7,258 tonnes in the same period in 2016.
The 2017 harvest consisted of 7,142 tonnes WFE of Atlantic salmon and 1,475 tonnes WFE of coho salmon.
The company also detailed that the average price of Atlantic salmon as to March 2017 was USD 11.18 per net kilo, compared to USD 10.13 per kilo in the last quarter of 2016.
As of March 31, 2017, the volume of final product sold was 5,797 net tonnes, compared to 4,286 tonnes in the same quarter of 2016.
Sales of Atlantic salmon in frozen portions accounted for 43 per cent, followed by fresh fillets (18 per cent) and fresh HON (16 per cent). The frozen HON and frozen fillet products each accounted for 9 per cent. And block products B&P and HG represented 1 per cent.
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Information of the company:
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Address:
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Av. Presidente Kennedy 5682, Vitacura
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City:
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Santiago
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Country:
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Chile
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Phone:
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+56 (2) 2580 5200
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Fax:
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+56
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E-Mail:
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[email protected]
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