Chilean fishing and salmon-farming firm Camanchaca suffered losses in the third quarter of 2024 as high fishing yields and lower salmon production costs were not enough to drag the company’s performance into the black.
Total Q3 revenues for the firm amounted to USD 160 million (EUR 152 million) – down 17.9 percent from the USD 195 million (EUR 185 million) it posted in the third quarter of 2023. Its EBITDA before fair value reached USD 11.9 million (EUR 11.3 million) in the quarter, falling 51.3 percent from the same period last year.
This led to Camanchaca posting a net loss of USD 3.1 million (EUR 2.9 million) in the period, compared to a net profit of USD 2.9 million (EUR 2.8 million) one year ago.
Broken down by sector, Camanchaca’s fishing business brought in USD 66.5 million (EUR 63.2 million) in Q3 2024, compared to USD 86 million (EUR 81.7 million) a year ago, and recorded losses of USD 3.7 million (EUR 3.5 million) during the latest quarter, compared to a profit of USD 6.2 million (EUR 5.9 million).
Camanchaca’s pelagic capture surged 316 percent year over year to 38,143 metric tons (MT). Its Pesca Norte business jumped 786 percent to 15,886 MT, and Pesca Sur saw a 202 percent boost to 22,257 MT. Horse mackerel production also jumped 664 percent to 13,874 MT.
However, the average price of fishmeal and fish oil declined 15.4 percent and 32.1 percent, respectively, year over year to USD 1,731 (EUR 1,644) and USD 3,636 (EUR 3,454) per MT.
Its salmon-farming business brought in USD 82.7 million (EUR 78.5 million) in the third quarter of 2024, compared to USD 100 million (EUR 95 million) in Q3 2023, but posted a net profit of USD 1.6 million (EUR 1.5 million), compared to losses of USD 2.2 million (EUR 2.1 million).
The firm’s Q3 harvest of Atlantic salmon was down 30.1 percent year over year to 12,418 MT whole fish equivalent (WFE), with an average weight of 5.1 kilograms, and sales fell 22.3 percent to 7,715 MT WFE. Ex-cage costs, though, dropped 12.9 percent to USD 4.39 (EUR 4.17) per kilogram WFE and played a big factor in the sector turning a net profit.
“This cost is the lowest in the last seven quarters and is mainly explained by the recovery of average weight, better sanitary conditions, and the first signs of a drop in food costs,” Camanchaca said.
Mortality for Camanchaca’s Atlantic salmon …
