Chilean salmon farmer Invermar posted a net loss of USD 14.3 million (EUR 12.9 million) in the third quarter of the year, down from net profits of USD 16.1 million (EUR 14.5 million) seen during the same period of 2018.
In an earnings release, the company cited a USD 11.2 million (EUR 10.1 million) fair value adjustment and increased sales costs in hitting the bottom line for the slip.
Revenues actually increased 6.9 percent year-over-year to USD 173 million (EUR 156 million) for Invermar, however, sales costs spiked 32.1 percent to USD 171 million (EUR 154 million). The company said it realized a lower harvest during the quarter, having brought in 15,481 metric tons (MT) of salmon WFE in the third quarter, versus 23,144 MT in Q3 of 2018.
Product sales reached 2,150 MT of Atlantic salmon and 157 MT of coho, with a respective average FOB price of USD 10.68/kg (EUR 9.65) and USD 6.20/kg (EUR 5.60) in the third quarter, versus sales volume of 4,281 MT of Atlantic salmon and 7.0 MT of coho, at a respective average FOB price of USD 9.55/kg (EUR 8,63) and USD 6.11/kg (EUR 5,52) in the same period one year prior.
The previously announced merger with sister company Surmar was put into effect during the first quarter of the year and the results were consolidated, Invermar said.
