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Salmon processing and packing. (Photo: AquaChile)
AquaChile increases profit 37pct in first quarter
CHILE
Thursday, May 17, 2018, 22:20 (GMT + 9)
AquaChile obtained a profit of USD 24.9 million in the first quarter of this year, which represents an increase of 37 per cent compared to the profit of USD 18.2 million for the same period of 2017. In this way, the company registers seven running quarters with positive results.
The company's consolidated sales reached USD 184 million in the first three months of 2018, 7 per cent less than last year. This decrease was due to lower sales of Pacific salmon and trout, which decreased by USD 14.2 million. Tilapia sales also contracted due to lower demand, but the fall in volume was offset by an increase in prices.
AquaChile linked the highest gain recorded in the analyzed quarter with the "decrease in the sales cost in Atlantic salmon and the net effect of the biomass value at fair value", as indicated in the report submitted to the Commission for the Financial Market (CMF).
In addition, it stressed that it managed to reduce its operational costs by 2 per cent thanks to its efforts to achieve greater efficiency in their operations.
Consolidated EBITDA before fair value was USD 38.2 million in the first quarter, 24 per cent below the USD 50.2 million recorded in the same period last year. This decrease reflects the decline in the export price of salmon and trout.
The EBIT unit reached in the salmon and trout segment was USD 1.16/kg, while that of tilapia was USD 0.25/kg, reflecting the latter showed the best conditions prevailing in that market.
"We have been focused on the search for greater efficiencies, which will continue to be an important objective in the future, as there are more opportunities for improvement, and the cost effort has allowed us to mitigate the lower prices of salmon observed this last quarter compared to the beginning of 2017, which is changing due to the solid fundamentals of demand currently present, which have already translated into price increases in our target markets during the year," said Agustín Ugalde, general manager of AquaChile.
editorial@seafood.media
www.seafood.media
Photo Courtesy of FIS Member  AquaChile S.A. - Group Headquarters
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