Invertec managed to reduce its losses compared to 2009. (Photo: FIS)

Salmon firm Invertec’s outlook improves

CHILE
Thursday, April 08, 2010, 22:20 (GMT + 9)

The salmon company Invertec Pesquera Mar de Chiloe (Invermar) managed to reduce its losses to USD 45 million in 2009, against the USD 73 million that were lost in 2008.

The consequences of infectious salmon anaemia (ISA) virus outbreaks continued through last year, although its intensity was notably reduced in fattening centres.

This improvement was mainly due to all the sanitary measures (prior vaccination, maximum allowable densities, periods of deficiency in post-harvest centres and ‘neighbourhoods,’ among other measures) implemented by Invertec, as well as those of order and internal planning.

"In fact, since Invertec began the vaccination of fish against the virus and implemented new productive practices, they have not had any centres become infected again," the company informed Chile's Securities and Insurance Commission (SVS).

"Apparently, a trend change is noted from the sanitary point of view, which makes us think that the worst part of the crisis is nearing its end. This does not mean that new outbreaks cannot appear, but they will without a doubt be focused and not generalised as happened over the last two years," he added.

Meanwhile, the salmon farming company commercialised new products with added value last year, like frozen salmon coho portions, that it sent to Germany, and frozen seafood in portions that it exported to the US.

On the issue, the Invertec report indicates: “This, doubtlessly, opens a new range of possibilities that could allow the company to diversify its production, obtaining better margins thanks to this innovation, and at the same time to remain loyal to its distinctive strategy.”

Invertec emphasised that 2009 was a year of complex changes for the company and the industry in general, and that "most of these materialised in the last part of the year." For this reason, it boasts confidence in the future.

The salmon farming company Invertec was able to seal an agreement last 30 December with Chilean financial institutions, which will allow it to restructure its liabilities and improve its management. Invertec signed a contract in which it recognises the debt it holds with 12 financial entities worth USD 153 million. This number could rise further still, to USD 166 million, due to asset capitalisation.

Related article:

- Invertec seals last deal of 2009

By Analia Murias
[email protected]
www.seafood.media

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