December 14, 2012

 

Blumar sees 38% increase for sales revenue for Q3

 

Sales revenue for Blumar Seafoods reach US$295.9 million for Q3 of 2012, a 38% rise compared to the same period of 2011.

 

This increase is mainly due to 72% increase in the sales of the aquaculture business, driven by higher sales of Atlantic salmon, which reached US$95.2 million (181% increase).

 

In addition, sales of the fisheries division grew 20% on year, highlighting in particular those of frozen horse mackerel.

 

EBITDA pre-fair value adjustment was US$28.7 million, a figure which shows a decrease of 12% compared to that obtained in the third quarter last year.

 

Regarding aquaculture business, Blumar stated that it recorded a higher level of sale volumes, which are have rose by 128%.

 

Up to September 30, 2012, the aquaculture segment revenues totalled US$130.1 million, with a sales volume of 30,706 tonnes whole fish equivalent (WFE) while last year, it had exported 13,492 tonnes WFE.

 

This division changed from 35% of total revenues of Blumar up to September 2011, 44% in the same period of 2012.

 

In its report, Blumar noted that the increase in sales figures for Atlantic salmon is explained by an increase of 289% in sales volume, which involved a total of 21,837 tonnes WFE.

 

The trout generated revenues of US$34.8 million up to the ninth month of the year, which compares negatively with the same period last year, when the company recorded sales for US$41.6 million (16% more).

 

In the fishing business, the highest landings of horse mackerel stood out compared to 2011. In the first half of the year, the full quota was captured: 27,000 tonnes.

 

Up to September 30, the accumulated income of the fishing business totalled US$165.8 million. This figure represented 56% of revenues of Blumar and an increase of 20% compared with the same period of 2011.

 

The sales of fishmeal up to the ninth month of this year amounted to US$84.8 million, an amount that is similar to that obtained in the same period last year while fish oil fell by 6% on year, reaching US$17.1 million.