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The main products of the volume marketed by Invermar are Atlantic and coho salmon.

Invermar reports strong fall in profits at end of third quarter

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Friday, December 07, 2018, 00:50 (GMT + 9)

At the end of September 2018, Invermar presented operating income of USD 162.0 million, aligned with the same period of 2017, when the sales level reached USD 162.5 million.

EBITDA without fair value adjustment was USD 34.4 million, compared to USD 39.2 million recorded in the first nine months of 2017.

Financial and productive indicators

With respect to the third quarter of 2018, the company reported sales of USD 47 million, a figure that is 4 per cent higher than that obtained in the same period of 2017. In this quarter, Invermar made profits of USD 10.3 million, result representing USD 3.8 million less than in the same quarter of 2017.

  
Consolidated sales for September each year

As of September 2018, the company recorded earnings of USD 16.1 million, 43 per cent below last year’s result. This variation is strongly affected by the events of harmful algal blooms recorded in the first quarter, which had a negative effect of USD 5.2 million. The salmon segment contributed with USD 13.6 million and the oyster segment with USD 2.5 million, figures that are compared with profits of USD 24.2 million and USD 4.2 million, respectively, in the same period of 2017.

Sales by product January - September 2018

In the third quarter of 2018, Invermar reported a harvest of 23,144 tonnes WFE (whole fish equivalent), higher than the 20,298 tonnes in the same period of the previous year.

The volume sold totalled 15,031 net tonnes of final product as of September 2018, compared to 14,618 tonnes in the first nine months of 2017.

Sales distribution by product of Atlantic salmon

Accumulated consolidated sales as of September 30, 2018 reached USD 162 million, a level that is similar to that reported for the same period of the previous year, of USD 162.5 million. There was an increase in the oyster segment, with sales of USD 10.4 million, compared to USD 4.4 million obtained in the same period of 2017.

The gross profit margin before fair value as of September 2018 was USD 32.4 million, compared to USD 37.8 million in 2017. The salmon segment contributed with USD 28.6 million and the oyster segment with USD 3, 8 million.

Comparative export  figures 2017-2018 for Atlantic and coho salmon

The main products of the volume marketed by Invermar SA are the Atlantic salmon and coho salmon. While sales of Atlantic salmon accounted for 89 per cent of the volume sold in the third quarter of 2017, in the same period of 2018 this species represented 93 per cent of the sales mix of salmon; followed by coho salmon with 7 per cent, equivalent to 13,981 and 1,050 net tonnes, respectively.

Related article:

Invermar closes first quarter with losses due to harmful algae

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