Australis Seafoods’ EBIT down 17.5% in Q3

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Jovio-owned Chilean salmon farmer earnings down to lower prices and pricy acquisition.

Australis Seafoods posted its latest results for the period between July 1 and September 30, 2019.

This year, the salmon farming operator was acquired for USD 921 million by China’s Joyvio Group and its co-investor Silk Road Fund in one of the largest acquisitions in Chile’s aquaculture industry.

EBIT declined from USD 18.5 million in Q3 2018 to USD 15.2 million this quarter. Sales revenue increased from USD 88.1 million to USD 103 million – an increase of 18.4 per cent.

The price of salmon decreased by 5.3 per cent (10 per cent for trout) however Q3’s sales volume increased by 25.7 per cent compared to the same quarter of 2018.

Australis also wrote that on July 10, 2019, it officially took over Magallenes processing plant Pesquera Torres del Paine for USD 26.5 million. It can process at least 180 tonnes of raw material a day.

The company said that it harvested 17,000 tonnes, 10.7 per cent more compared to the same period last year.