Blumar EBITDA down 20% in Q1

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Increase in revenue and harvest hit by low salmon prices in aquaculture segment.

Blumar posted a USD 132.7 million revenue in Q1 2021 which was 15 per-cent more than the same period in 2020. The Chilean salmon farmer said that this was driven by a 31 per-cent revenue increase (USD 57.3 million) in the fishing segment (mackerel).

EBITDA before biomass adjustment was down to USD 17.6 million compared to USD 21.8 million.

“The results show a good performance of the fishing segment, which is a reflection of the good state of the fishery resources in which we have a stake and the sustainability of the business in the long term,” said Blumar Seafoods CEO Gerardo Balbontín.

“On the other hand, in the aquaculture sector, there was a 21 per-cent decrease in the price of Atlantic salmon since the comparison period corresponds to before the beginning of the pandemic when prices were at a good level. While in the first quarter of this year, prices have recovered from the depressed level they reached during the pandemic, but they are currently on the rise and with a very good projection for the rest of this year,” he added.

The salmon farming segment had USD 75.4 million in revenue, an increase of four per-cent compared to January-March last year. The company posted a 32 per-cent increase in the volume harvested in the quarter, which was attributed to the operation of the company’s Magallanes operations in full swing.

Blumar’s Magallanes subsidiary BluRiver was renamed Salmones Blumar Magallanes last month, reported El Pinguino.