AquaChile sold more fish but made lower operating profit in Q3

One of the world’s biggest salmon farmers, AquaChile, made a lower operating profit in the third quarter of 2023 than in the same period the year before, despite selling more fish and making more sales revenue.

The company’s operating profit before fair value adjustment was US $45 million, a drop of 48.7% compared to the $87m made in Q3 2022.

Total sales revenue in Q3 2023 was $360m, 1.5% higher than in Q3 2022, mainly explained by higher sales volume offset by lower international prices.

Net loss was $13.11m compared to $51.95m a year ago.

During the third quarter of 2023, according to AquaChile, the global salmon market was marked by an increase in supply compared to the preceding quarter due to greater production in Norway and Chile, although without a major variation in volume compared to Q3 2022.

Increased supply led to the prices of fresh fillet in the United States and whole fish in Brazil to decrease, especially starting in the third week of August.