Chilean fishing and salmon-farming firm Blumar cut its losses year over year in the third quarter of 2024, but still remained in the red.
In response to several straight periods of poor performance, the company has continued pursuing a process to transform its business operations.
During Q3 2024, Blumar’s total revenues amounted to USD 138 million (EUR 132 million), down 9 percent from the USD 152 million (EUR 146 million) the company earned in the third quarter of 2023. Its Q3 EBITDA before fair value adjustments came in at USD 10 million (EUR 9.6 million), falling 39 percent from USD 16.5 million (EUR 15.8 million) from the same quarter last year.
Its cost of sales, though, dropped 6 percent year over year to USD 119 million (EUR 114 million).
This helped drop its net losses to USD 555,000 (EUR 533,000) in the period – a 90 percent drop from losses of USD 5.5 million (EUR 52.8 million) in Q3 2023.
Broken down by sector, Blumar’s salmon-farming business turned a net profit of USD 1.4 million (EUR 1.3 million) on top-line revenues of USD 86.9 million (EUR 83.4 million), compared to a net loss of USD 15.3 million (EUR 14.7 million) on revenues of USD 74.1 million (EUR 71.1 million) during Q3 2023. Its industrial fishing business saw a USD 2 million (EUR 1.9 million) loss in Q3 2024 on revenues of USD 51.3 million (EUR 49.2 million), versus net profits of USD 9.7 million (EUR 9.3 million) on revenues of USD 78.4 million (EUR 75.2 million) in the same quarter of 2023.
Year to date, Atlantic salmon has represented …
