Invermar salmon farm. (Photo: Invermar)
Invermar increased profits by over 200 pct in 2017
(CHILE, 4/6/2018)
Salmon company Invermar obtained consolidated profits of USD 36 million in 2017, a figure that represents an increase of more than 200 per cent compared to the previous year, when it obtained USD 10.8 million.
The company attributes this result mainly to an operating income before adjustment of fair value of USD 54.9 million, of which USD 17.1 million correspond to the fourth quarter of 2017.
When analyzing only the salmon segment, the EBIT (profit before interest and taxes) without accumulated fair value adjustment as of December 31, 2017 was USD 50.4 million.
The EBITDA (gross operating profit calculated before deductibility of financial expenses) without recognition of the fair value adjustment was USD 50.7 million at the end of 2017, which means an increase of USD 34.6 million with respect to the same period of 2016.
The company reported that its consolidated accumulated sales for 2017 reached USD 219 million, a year-on-year increase of 51 per cent.
INVERMAR highlighted that the highest level of turnover responds to the increase in international prices and its higher salmon production: it harvested 30,232 tonnes of WFE in 2017, compared to 23,873 tonnes in 2016. In addition, the sold volume totalled 20,534 net tonnes of final product up to December 31, 2017, while the sales of the previous year were 14,650 tonnes.
Sales of Atlantic salmon accounted for 84 per cent of the volume sold (98 per cent in 2016), and salmon sales accounted for the remaining 16 per cent, equivalent to 17,161 and 3,373 tonnes, respectively.
With regard to the oyster segment, up to December 31, 2017, the subsidiary Invertec Ostimar SA generated revenues of USD 8.6 million, 5 per cent more than in the same period of 2016.
The traded volume remained stable with respect to the previous year, increasing by 3 per cent (based on tonnes equivalent to meat).
Meanwhile, the cost of sales of the oyster segment decreased by 21 per cent over the 2016 period, accumulating USD 4.1 million.
[email protected]
www.seafood.media
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]
|
More about:
|
|