AquaChile profits rise 37% in first quarter
Chilean salmon farmer AquaChile increased its profits by 37% in the first quarter of the year compared to the same period in 2017.
In a press release, AquaChile announced a Q1 profit of US$24.9 million ($18.2m Q1 2017).
"With these results, the company closes a new quarter with positive results, completing seven consecutive quarters showing profits,” AquaChile stated.
As of March 31, 2018, the company's consolidated sales reached $184m, despite lower salmon and trout prices in the period.
“Meanwhile, operating costs were reduced 2%, which is due to the continuous effort that the company has been making to streamline its operations, especially in seawater,” the statement added.
Greater efficiencies
The consolidated EBITDA before fair value adjustment between January and March 2018 was $38.2m in the first quarter. The unit EBIT reached in AquaChile’s salmon and trout segment was $1.16 / kg, while that of the tilapia was $0.25 / kg, “the latter reflecting the best conditions prevailing in that market”, explained AquaChile.
“We have been focused on the search for greater efficiencies, which will continue to be an important objective for the future, since there are more opportunities for improvement,” said the company’s general manager, Agustín Ugalde.
“The effort on costs has allowed us to mitigate the lower prices of salmon observed this last quarter compared to the beginning of 2017, which is changing due to the solid fundamentals of demand currently present, which have already translated into price increases in our destination markets during the year.”
