Australis Seafoods opens USD 160 million credit line with Bank of China
Australis Seafoods’ new connections in China are paying off, after it received a USD 160 million (EUR 144.7 million) line of credit from the Bank of China’s Macau branch.
In June, the Santiago, Chile-based salmon farming firm was formally acquired by the Joyvio Group, a subsidiary of Legend Holding, which is one of the largest companies in China.
The line of credit was consolidated from separate lines of credit Australis previously held with the Norwegian DNB Bank, Rabobank, and Banco Santander, according to a 1 August corporate filing.
In the first half of 2019, the company reported net income of USD 25.6 million (EUR 23.2 million), up from USD 20.6 million (EUR 18.6 million) in the first six months of 2018. Australis’ earnings before interest and tax (EBIT) rose to USD 25.4 million (EUR 23 million) in the second quarter of the year, up from USD 21.9 million (EUR 19.8 million) a year before, based on 40 percent more volume sales, mostly of Atlantic salmon, and the remainder coming from sales of trout.
Australis said it absorbed a 3.5 percent price decrease for Atlantic salmon and 2.9 percent for trout by harvesting more than 20 percent more fish, 57 percent of which came from its farms in the Aysén region of Chile. The company brought online seven new Atlantic salmon farms and new centers for coho and trout, increasing the value of its biological assets by USD 37.4 million (EUR 33.8 million).
As of 30 June, the company’s assets totaled USD 623.2 million (EUR 563.8 million), up 14.9 percent from December 2018. Australis’ equity increased by USD 25.6 million (EUR 23.2 million), an increase of 9.1 percent over December 2018, “thanks to the results obtained during the first half of the year,” the company said.
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