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Aquaculture farm. (Photo: Invermar)
Invermar increases profits thanks to higher prices and harvests
(CHILE, 12/2/2017)
Until September this year, Invermar recorded consolidated earnings of USD 28.4 million, an impressive increase of 667 per cent compared to the USD 3.7 million profit reported for the same period of 2016.
The company notes that this result is mainly explained by an operating income before fair value adjustment for USD 37.7 million, of which USD 12.3 million corresponds to the third quarter.
In the salmon segment, the EBIT without accumulated fair value adjustment as of September 30 this year was USD 30.7 million. And EBITDA without recognition of fair value adjustment was USD 37.0 million, which means a difference of USD 30.5 million compared to USD 6.5 million generated in the same period of the previous year.
Cumulative sales consolidated up to September reached USD 162.5 million, 55 per cent higher than those of the first nine months of 2016 (USD 104.7 million).
According to Invermar, this higher level of billing is due to the increase in international prices and higher production of salmon. As of September 30, the company had harvested 20,298 tonnes WFE (whole fish equivalent), compared to 16,413 tonnes in the same period last year.
The sales volume was 14,617 net tonnes, compared to 11,074 tonnes sold between January and September 2016. While the first nine months of last year all sales were of Atlantic salmon, this year the company sold 13,007 tonnes of Atlantic salmon and 1,611 tonnes of coho salmon.
The main market for the Atlantic salmon segment exported by Invermar was the United States, with a 49 per cent participation. This country mainly imported frozen portions and fresh fillets.
With respect to the oyster business, as of September 30, 2017, the subsidiary Invertec Ostimar SA generated revenues of USD 4.4 million, 14 per cent lower than in the same period last year, when sales reached USD 5.2 million. The decrease in sales is explained by a 14 per cent decrease in net kilos sold in the third quarter.
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www.seafood.media
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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