Blumar’s Q2 earnings boosted by 90%

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Chilean fish-meal and salmon-farming company, Blumar, posted significant results at the end of their first semester.

Blumar posted in EBITDA in the second quarter of $42.7 million ending 30th of June 2018, showing an increase of 90% in earnings from last quarter’s $22.4 million. Compared to 2017, this is a 73% rise.

The Chile company’s total operating income in Q2 2018 rose 44% yer on year to $135.2m. The farming cost (total cost related to fish harvested this quarter) increased by 31% compared to the same quarter last year – but decreased by 9% overall.

The company said: “Chilean Atlantic salmon was favoured during the second quarter of 2018 by a strong demand from the main consumer markets. During this period the total export of
this species grew 16% in value (USD) and 31% in volume (ton) with respect to what was exported during the same quarter of 2017. Prices rebounded in the main markets, reaching levels similar to those of a year ago.”

Sales volume increased by 153% in Q2, from 5.127 tonnes to 12.953 tonnes. The average price of its salmon decreased by 9% when compared to last year, from USD 6.88 to USD 6.23 per kilo WFE (whole fish equivalent). Compared to last year’s results, thats a drop of 14% in price. This implied an EBIT per kg amounting to USD 1.80.

Blumar expects to harvest approximately 25.162 tonnes for the full year 2018, corresponding to an increase of 79% from 2017.