Blumar EBIT down 93% in Q3

News
282

Low harvest volume and increased costs bit back.

In its Q3 2019 report dated September 30, 2019, Blumar posted a 93 per-cent decrease in EBIT. Operating profit decreased by 28 per-cent.

The salmon farmer put this down in part to lower harvests of this year (20,280 tonnes versus last year’s 38,194 tonnes) – and lower results in its commercial fishing operations.

In the aquaculture segment, the low results were caused by an increase of 25 per-cent in the average cost of sales, from USD 4.41 to USD 5.51 /kg wfe.

New 50,000 tonnes a year plant is under construction. PHOTO: Blumar

The company is also contributing to a USD 54 million joint with MultiExport under new name Entrevientos. The plant will process 50,000 tonnes of salmon a year and will be ready to start operations by April 2020.