November 18, 2013

Copeinca's profit plunges in first three quarters of 2013

Copeinca posted revenue of US$156.5 million in the first three quarters of 2013, a sharp decline of 41% on-year compared to US$264.9 million in the same period of 2012.

However, the company's third-quarter income outstripped the last year's performance. Copeinca's revenue for the third quarter reached US$101.9 million, up from US$96.8 million in the same period of last year.

According to the company's statement, for the first nine months of 2013, revenue per tonne sold averaged US$1,728/tonne including US$4.3 million from the sale of Mackerel and Jack Mackerel (7,386 tonnes), up from US$1,403/tonne in 2012. Revenue per tonne in the third quarter was USS1,599/tonne, up from US$1,582/tonne in the same period of 2012.

Copeinca also says that after several months of bad weather, sales of fishmeal have improved in China.

Earlier this year, China Fishery Group bought 74.3% shares of Copeinca.