Salmon harvest. (Photo: Multiexports)

Multiexport Foods raises its profit thanks to higher sales and good prices

Multiexport Foods reported operating income of USD 126.8 million at the end of the first quarter of 2017, 64.5 per cent more than in the same period of 2016. The company attributes this increase mainly to the sales volume growth as well as to the highest sales prices recorded in the different markets.

In addition, the company's financial expenses decreased 16.7 per cent year-on-year, and the consolidated profit for March 2017 was USD 34.0 million, or USD 43.4 million more than in the same month of 2016, when it recorded a loss of USD 9.4 million.

The harvest volume reached 15,261 tonnes of raw material, which represents an increase of 16.6 per cent over the same period last year. This increase is explained by the greater Atlantic salmon harvest, which was affected during the first quarter of 2016 by the algae bloom that impacted the industry, and that during this year has returned to normal production levels.

Sales for the period reached 17,037 tonnes of raw material: 15,119 tonnes of Atlantic salmon (+8.1 per cent) and 1,919 tonnes of coho salmon (+49.5 per cent).

Operating EBIT amounted to USD 35.3 million, or USD 45.7 million more than in the same period of 2016. Operational EBITDA amounted to USD 39.5 million, USD 45.8 million more than in the same period last year.

The unit operational EBIT of Atlantic salmon, a species representing 86 per cent of sales in the quarter, was USD 2.21 / kg WFF, which positively compared with respect to -0.68 USD/kg WFE reached in the same period the previous year, and in the same way compared to the 2.05 USD/kg WFE obtained during the fourth quarter of 2016.

The company noted that these results "account for the excellent productive performance" of its fish, along with a favourable commercial scenario in the different markets, which has remained stable during the period.

As for the Operational Unitary EBIT of coho salmon, this species reached 1.29 USD/kg WFE for the 6,603 tons harvested, which represents an increase of 1.75 USD/Kg WFE compared to the previous season.

Multiexport Foods also reported that during the first quarter of 2017, the total net effect of a fair value adjustment was USD 13.1 million, USD 4.1 million higher than the adjustment registered in the same period of 2016.

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Address:	Av. Cardonal 2501,
City:	Puerto Montt
State/ZIP:	(2501)
Country:	Chile
Phone:	+56 65 483 700
Fax:	+56 65 483 701
E-Mail:	[email protected]
Skype:	https://www.instagram.com/multiexportfoods/
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