Agrosuper salmon products. (Photo: Agrosuper/FIS)
Agrosuper sees its earnings grow, boosted by salmon
(CHILE, 11/25/2016)
Agrosuper achieved positive results during the first three quarters of this year, mainly due to a better operating result of its aquaculture segment.
According to what the company informed to the Superintendency of Securities and Insurance (SVS), it obtained profits for CLP 125,228 million (USD 184.3 million), 31.4 per cent more than in the same period of 2015.
As a result, the return on assets increased during the third quarter from 8.2 per cent to 9.6 per cent while the EBITDA (gross operating profit calculated before the deductibility of financial expenses) was CLP 220,609 million (USD 324.7 million), 17.6 per cent from sales.
The company attributes its better results to the "consistent implementation of the strategy" and to the continuous development of its competitive pillars, together with the market situation that favoured the prices of the salmon farming industry.
Sales revenue from the aquaculture segment increased by 83 per cent compared to the first nine months of 2015.
"This is mainly explained by the higher volumes traded (programmed decrease plan in the finished product stock) and by the increase in sales prices (due to the algae bloom registered in Chile earlier this year, which restricted the Atlantic salmon supply," Agrosuper explains in its report.
And it adds: "Given the best commercial conditions (international demand and prices), good sanitary conditions and improved production rates, the results of the aquaculture segment for this third quarter show favourable returns, reaching an EBITDA margin of 15.1 per cent (excluding the fair value effect)".
The company noted that operating margins remained favourable during the third quarter and that the supply restriction generated by the algae bloom caused a significant rise in international prices for Atlantic salmon.
This situation, complemented by a favourable health environment, leads Agrosuper to project positive margins for the entire year 2016.
editorial@seafood.media
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Information of the company:
Address:
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Camino la Estrella N°401, of. 7, Sector Punta de Cortes
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City:
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Rancagua
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Country:
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Chile
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Phone:
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+56 72 201 000
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Fax:
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+56 72 201 000
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E-Mail:
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info@agrosuper.com
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