Salmones Austral posts -$6.9 million EBIT

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Low salmon prices hit despite higher volumes sold.

The Chilean salmon farmer Salmones Austral doubled volumes sold in Q1 2021 compared to the period before.

This increase (88.9 per-cent more fish) is largely explained by the change in the mode of sale of coho, as sales were recorded in the last three months of 2020, but were settled in early 2021.

Revenue totaled USD 82.4 million, which equates to a 44.7 per-cent increase from USD 56.9 million from the same period the year before.

Though this was impacted by low prices, which reached USD 4.17 per kilo in the quarter, down from USD 5.23 per kilo in the first quarter of 2020.

EBIT was USD -6.9 million, compared to USD 7.7 million in Q1 2020.

“The results of the first quarter reflect that we are experiencing a transition period after a year marked by low salmon prices and the effects of the pandemic on production processes,” explained Salmones Austral Vice President Christian Samsing.

“In any case, we anticipate that the situation will gradually normalise, which is already being evidenced in the prices,” he added.