Salmones Austral EBIT halved in Q1

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Higher costs and lower prices for one of the five largest salmon farmers in Chile.

The Chilean salmon farmer Salmones Austral posted its Q1 report from the period from January 1 to March 31.

EBIT decreased 42 per cent, from USD 13.3 million to last year’s year to USD 7.7 million.

Revenue was USD 57 million, down from USD 59.4 million the same period before.

This was explained mainly explained by lower average sales price, reaching USD 5.23 USD/Kg (last year it was USD 5.68 USD/Kg).

The cost of sales amounted to USD 45.9 million, 5.5 per cent higher than the same period in 2019, which is explained by a higher volume sold (2.2 per cent), but associated with higher costs, reaching the 4.06 USD/Kg. This was 2.8 times higher than last year.

Sales amounted to 10.3 thousand tonnes, a slight increase on the 10.1 thousand tonnes sold in the first quarter of 2019.

46.1 per cent of its main products were exported to the USA.

Available cash has gone from USD 20.1 to USD 7.5 million in the the last 12 months.

“Despite the impact of the coronavirus pandemic on key markets, we were able to diversify our sales and increase the volume sold between January and March,” said Salmones Austral Vice President Christian Samsing.

Salmones Austral was created in 2013 after the merger of Trusal and Pacific Star. Its annual production fluctuates between 45-50 thousand tonnes and has the potential capacity to reach 80 thousand tonnes.