Algal blooms harmful to Invermar’s profits
Chilean salmon farmer Invermar’s profits slumped by 59% in the first half of 2018 compared to the same period in 2017 because of the effects of harmful algal blooms at the start of this year.
At the end of June 2018, the company recorded profits of US$5.8 million, less than half the profit made in H1 2017. The company said the variation is significantly explained by registered HAB events at the beginning of this year, which had with a negative effect of $5.2m and a negative net effect after fair value adjustment of $4.2m.
Other figures were largely similar year-on-year. Invermar’s operating income was $114.9m, ($117.1m H1 2017), while EBITDA before fair value adjustment was $26m ($26.3m H1 2017), the company reported to the Commission for the Financial Market (CMF).
In the second quarter of 2018, Invermar’s revenue was $50.1m, a decrease of 4% on the same period last year. The income drop corresponds to a decrease in international prices. However, second quarter profits reached $7m, $681,000 higher than the same period of 2017.
Invermar achieved record harvests in the first half of 2018, reaching a WFE harvest level of 15,981 tonnes, up from 14,979 tonnes in the same period of 2017.
