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Camanchaca processing facilities. (Photo: Camanchaca)
Camanchaca achieved record sales in 2014
CHILE
Friday, March 13, 2015, 09:50 (GMT + 9)
Compañía Pesquera Camanchaca reported revenues of more than USD 496 million in 2014, a figure which shows an increase of 13 per cent compared to 2013.
That was a record and it was distributed in every business of the enterprise: 18 per cent in fisheries, 11 per cent for salmon and 10 per cent in other farmed products.
In terms of earnings in 2014 the result improved by USD 28 million, changing from a loss of USD 17 million in 2013 to a profit of USD 11 million in 2014.
The positive financial results were achieved by:
- Best prices and lower costs of their products;
- Good sanitary conditions in salmon;
- Further processed biomass.
The result in terms of EBITDA – before fair value --, changed from USD 12 million to USD 66 million, representing about 10.5 per cent of its total assets.
Revenues reached a record high of USD 496.4 million, that is to say, 13 per cent more than the year before.
According to the financial balance of Camanchaca: "During the fourth quarter of last year, weak market prices of Atlantic salmon generated an adjustment to market value projected for the next biomass to be harvested , amounting to negative USD 10.4 million, reversing a neutral balance recorded up to 30 September for these biomasses".
Meanwhile, Camanchaca general manager, Ricardo Garcia Holtz explained: "This year we have recorded normal profits in our business, with improvements in the price of fishmeal that, due to the absence of fishing in Peru in the second semester, overcame the barrier of USD 2,000 per tonne and the historical trend in the last two months of the year, a situation from which Camanchaca profited thanks to the available inventory."
In addition, the annual average price of fishmeal was USD 1,763 per tonne for the fishing firm, that is to say, 10 per cent more.
"Additionally, and despite the weakening of the Atlantic salmon price at the end of the year, its annual price rose nearly 10 per cent, leaving it in its historical trend level," added Garcia Holtz.
He went to say: "In the same area, we obtained healthier and heavier specimens, resulting in lower costs, and for this reason it also contributed to reach a harvest of 39,000 tonnes of Atlantic salmon, an annual increase of 19 per cent," Aqua reported.
The company also explained that a third favourable factor to the best results was the recovery of the sardine biomass in the south.
An increase of 124 per cent was recorded in catches between 2014 and 2013, totalling 96,000 tonnes. As to harvests, Camanchaca reported on the good performance of the mussels.
In this regard, the executive commented "it is a great satisfaction to see how the efforts of costs and the development of new markets and customers for Chilean mussels have made it possible to change the results of this business in which Chile has such a competitive edge."
The EBITDA of mussels was a record, reaching USD 5.3 million as a result of higher yields, lower costs and higher prices, which generated a 23 per cent increase in revenues and improved margins.
In connection with the cultivation of oysters during 2014 Camanchaca concentrated its operation only in the Coquimbo Region totalling USD 2.5 million.
"When there are conditions that reduce the competitive advantages of an activity, and this marks a long-term trend, it is necessary to concentrate where they do exist, so unfortunately we closed the cultivation of oysters in the Atacama Region," concluded Garcia.
Related article:
- Camanchaca may fish more horse mackerel in 2015
By Analia Murias
[email protected]
www.seafood.media
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