Blumar Q4 EBITDA slips 69%

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Chilean fish-meal and salmon-farming company, Blumar, has said a 14-percent increase in the average 2017 price of salmon helped its aquaculture business grow its full-year EBITDA 35 percent to USD 66.9 million.

Company fourth-quarter EBITDA came in USD 6.2 million, however, or down 69 percent over the year-ago period despite the sale of a stake in Salis de Ventisqueros by Blumar’s U.S. business, BlueGlacier. While it said its operating income was down 18 percent to USD 75.2 million in the quarter, on revenues it would only say that the 2016 Ventisqueros deal rolled this figure back in 2017 to USD 55.2 million.

Shareholders might be dismayed that full-year net profit dropped 22 percent year-on-year to USD 21.2 million.

The company noted that the FOB value of its Atlantic salmon during the year rose from an average of USD 5.55 per kilogram to USD 6.34 per kilo. Meanwhile, Blumar said its ex-cage cost for growing salmon fell to USD 3.57/kg from USD 3.8/kg.

“(That ex-cage drop in costs) contributed to the largest EBITDA generation of USD 17.3 million with respect to the year 2016,” a BluMar statement said.