Multi X falls deeper into the red in Q1 2024

A Multi X facility in Chile
A Multi X facility in Chile | Photo courtesy of Multi X
4 Min

Chilean salmon-farming firm Multi X’s consolidated losses in the first quarter of 2024 more than trebled year over year, with the company posting a net loss of USD 9.5 million (EUR 8.7 million) compared to a net loss of USD 2.7 million (EUR 2.5 million) in the same quarter of 2023, as lower market prices coupled with falling sales volume affected performance.

Multi X’s Q1 2024 operating revenues came in at USD 165 million (EUR 152 million), falling 19.3 percent when compared to top-line revenues of USD 205 million (EUR 188 million) in Q1 2023, the company reported in its first-quarter results.

Ex-farm costs climbed 16.1 percent to USD 5.14 (EUR 4.73) per kilogram of whole fish equivalent (WFE) during the quarter, compared to USD 4.43 (EUR 4.07) per kilogram WFE in the first three months of 2023. Multi X mainly attributed rise in costs to a lower average harvest weight, high fish feed prices, and inflationary pressures.

Processing costs also increased by USD 0.20 (EUR 0.18) per kilogram WFE due principally to a

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