Multiexport Foods is a certified company wide compliant with the ISO 9.001, OSHAS 18.001, ISO 14.001 and the ASC. (Photo: Multiexport/Marel/FIS)

Lower harvest and sales reduce Multiexport’s revenues in Q3

Multiexport Foods SA obtained operating income of USD 104.7 million in the third quarter of this year, 9.1 per cent less than in the same period of 2017, mainly due to a decrease in the volume harvested and sold of Atlantic salmon and coho salmon. 

Photo: Bloomberg Finance ►

In this regard, the company explains that, unlike the previous season, the coho salmon began to be harvested during the last days of September, so its sales will begin in October.

Photo: Bloomberg Finance

Total harvests reached 16,495 tonnes of raw material in this quarter, representing a decrease of 8.5 per cent year-on-year, explained by lower harvests of Atlantic salmon (-5.5 per cent) and coho salmon (-43.2 per cent) due to the delay at the start of the season.

The total operational EBIT reached USD 14.3 million, this is USD 9.6 million less than that registered in the third quarter of 2017. This variation was a consequence of lower sales of Atlantic salmon (-5.9 per cent) and of coho salmon (the sale of the 2018-2019 season will begin during the fourth quarter of 2018), and of a less productive scenario compared to the same period of the previous year.

Photo: Bloomberg Finance

Operating EBITDA was USD 18.9 million, USD 9.4 million less than in the same quarter of 2017.

Multiexport also reported that during the third quarter of 2018, the total effect of fair value adjustment was USD 13.0 million, USD 17.5 million more than in the same period of 2017, mainly due to a higher volume of biomass affecting the adjustment.

During the year accumulated up to September 2018, the company recorded operating income of USD 358.4 million, representing a 1.5 per cent year-on-year decrease. This decrease is mainly attributed to the lower sales prices recorded during the period.

► Photo: Multiexport Foods

From January to September this year, the company sold 53,567 tonnes of its own raw material, which represents an increase of 6.6 per cent year-on-year. These sales correspond to 51,786 tonnes of Atlantic salmon (96.7 per cent) and 1,781 tonnes of coho salmon (3.3 per cent) - the latter corresponding to the 2017 - 2018 season.

For the first nine months of the year, Operational EBIT reached USD 61.6 million, USD 30.9 million less than that registered one in the same period of 2017. In terms of Unitary Operational EBIT, Atlantic salmon reached USD 1.14/kg WFE, lower than USD 1.89/kg WFE accumulated as of September 2017. This operating result is mainly explained by lower registered sales prices and a 1.1 per cent increase in ex-plant harvest costs.

Consolidated profit accumulated up to September 2018 was USD 52.1 million, which is USD 22.0 million less than during the same period of 2017 (USD 74.1 million).

Multiexport Foods general manager Andrés Lyon was optimistic about the future, given that there is a growing demand in all markets, which allows them to project good prices in the remainder of this year, and for all next year, in special the current season of coho salmon.

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