Salmones Camanchaca earnings more than double in Q3

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The Oslo-Santiago listed salmon producers reported an big increase in earnings despite a decrease in prices.

The company reported a Q3 EBIT of USD 18.3 million (EUR 16.2 million) a big jump, more than double from last year’s same period, from USD 7.3 million (EUR 6.4 million).

This happened despite prices dropping slightly (2%) this quarter to USD 6.82 per kilo from USD 6.93 per kilo.

“Despite an 8.3% drop in the average price of Atlantic salmon sold to US$ 6.22 per kg WFE, operating revenue rose 90% to US$ 237 million in comparison to the first nine months of 2017. This was due to an increase of 107% in volumes of Company-farmed Atlantic salmon sold, in line with the 93% growth in harvests, which totaled 34,552 tons WFE,” the company said.

Ricardo García, Vice President of Salmones Camanchaca, praised the results. “This has been a new quarter where we have turned our pre-IPO estimates into reality, with positive results and confirmed harvest estimates for Atlantic salmon for 2018 (48,500 tons WFE) and 2019 (55,000 tons WFE).”