Chile troubles led to fall in revenue and operating profit in BioMar’s first quarter

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Chilean “bump in the road”.

Q1 was negatively affected by currency and lower feed sales in Chile. Volumes in Chile were lower than last year due to the convergence of factors: lower biomass, changes in customer contracts and changing feeding plans due to the pandemic, as well as algae blooms.

While revenue fell 4.6 per-cent compared to the same quarter last year, EBITDA fell 11.9 per-cent.

“We are in a very good position in Norway, UK and Australia, collaborating closely with our customersstriving to be thepreferred feed supplier. I believe they experience the change which has happened in BioMar over the last years in terms of new novel ingredients, new productsolutionsand high-performing teams. Now we just need to pass the bump on the road in Chile”, said BioMar Group CEO Carlos Diaz in a press release.

In the LATAM division, BioMar is continues the positive development in prawn feed after being affected by the tough market conditions in 2020:

“Since the beginning of the pandemic, the shrimp industry in Ecuador has been suffering, both in terms of the actual pandemic and the Chinese import restrictions. However, BioMar has managed to get reasonably well through the first waves of the pandemic. We have been working full steam introducing new products and technical servicesto the market, including products from our new extruded line. Now, we see our effort paying off in terms of increased volumesand revenue compared to Q1 2020”, continued Diaz.

SOURCE: BioMar

BioMar expects sales volumes and revenues comparable to the levels in 2020.