June 4, 2014

Positive first quarter for aquaculture companies in Chile

The aquaculture companies AquaChile, Camanchaca, Invertec Pesquera Mar de Chiloe (INVERMAR), Blumar and Multiexport Foods improved financial results in 1Q14 due to higher salmon prices and reduced production costs.

According to its company report, Camanchaca had revenues of US$111.4 million in the first three months of this year, 21.9% more than in the same period in 2013. The company stated its reported revenues "reflect an increase of 50% in 12 months generated by salmon farming, partially offset by the 18.4% decline from fisheries and 13.4% from cultures."

In the first quarter its EBITDA was a positive US$11.4 million, compared with the negative US$1.9 million reported in the same period last year.

Camanchaca attributed the improvement to a recovery in its salmon farming business, driven by a 44% increase in the price of Atlantic salmon and due to the higher volumes that the company harvested.

On the other hand, INVERMAR experienced losses amounting to US$4.5 million in the first quarter, which is a result representing an improvement compared with the loss of US$6.7 million recorded in the same quarter of 2013.

Consolidated EBITDA, without fair value, amounted to US$3.2 million compared to US$329,000 in the same quarter of 2013.

"This result is mainly due to the revaluation of the fair value biomass and the rise in the recorded salmon price during the year," the company explained.

As for Empresas AquaChile, the company made a profit of US$11.3 million in the first three months of the year versus a loss of US$5.2 million last year.

AquaChile said that this result is due to "increases in export prices and a reduction in production costs."

Meanwhile, Multiexport Foods reported a profit of US$3.1 million in the first quarter of 2014 compared with a loss of US$14.8 million in the first three months of last year.

Finally, Blumar obtained profits of US$20 million, well above the US$616,000 earned in the first third of 2013.

Gerardo Balbontín, general manager of the firm, attributed the success to the growth and recovery of the aquaculture business, driven by an average increase in prices amounting to 43%, reported Economía y Negocios Online.     
All the above salmon firms are listed on the Stock Exchange of Santiago.