Peruvian fishmeal and fish oil company Copeinca said this week that new fishing quotas and a late start to the season cut into the company’s earnings and margin for the first half of 2013.
Copeinca creates its fishmeal in part from mackerel and jack mackerel caught off the coast. The company, in a statement, said the current season ended “with good catch results,” with 7,386 metric tons caught during 1Q 2013, with revenues of USD 4 million.
But earnings before interest, taxes, dividends and acquisitions (EBITDA) show USD 11.7 million for the first half of the year. That’s down from USD 58.7 million recorded over the same period in 2012.
EBITDA margins are also down, reported at 21.5 percent, down from 34.9 percent recorded in 2012.
“Such significant decrease is mainly explained by the late start of the season as well as by the small quota from the 2nd fishing season last year,” the company said in a statement.
