Positive start for Chilean salmon – Fishfarmer Magazine

Positive start for Chilean salmon06 June, 2014 – THE first quarter figures for the leading Chilean aquaculture companies suggests that the future of the salmon industry in the country is looking bright. A report in Economía y Negocios Online reveals that salmon companies Empresas AquaChile, Camanchaca, Invertec Pesquera Mar de Chiloe (INVERMAR), Blumar and Multiexport Foods all reported improved financial results between January and March 2014. These results were due mainly to a 44 per cent increase in salmon prices coupled with a decrease in production costs. Camanchaca reported revenues in the first three months of this year for USD 111.4 million, 21.9 per cent more than in the same period in 2013, revenues that ‘reflect an increase of 50 per cent in 12 months generated by salmon farming, partially offset by the 18.4 per cent decline from fisheries and 13.4 per cent of the cultures.’ EBITDA was USD 11.4 million – last year in the same period it was negative USD 1.9 million. INVERMAR reported losses of USD 4.5 million in Q1, which was a significant improvement on the loss of USD 6.7 million in the same period in 2013. EBITDA amounted to USD 3.2 million compared to USD 329,000 last year. Empresas AquaChile made a profit of USD 11.3 million in Q1, compared to a loss of USD 5.2 million in the same period in 2013. Multiexport Foods reported a profit of USD 3.1 million, a huge swing from last year’s loss of USD 14.8 million. Blumar’s profits were USD 20 million compared to USD 616,000 the company reported in Q1 of 2013.