Peru-based fishmeal and fish oil company Copeinca on Wednesday announced its third-quarter results.
Volumes sold were slightly higher than budgeted and prices were in line with the company’s projections. The company said that prices fell during 2011 but have since recovered, as about 30 to 40 percent of the second fishing season production has already been sold.
The company’s revenue per ton sold for the first nine months of 2011 averaged USD 1,405 per metric ton, including USD 4.5 million in revenues from the sale of mackerel and jack mackerel, up from USD 1,392 metric tons in 2010.
Fishmeal averaged USD 1,381 per metric ton in 2011, compared to USD 1,513 per metric ton in 2010. And fish oil averaged USD 1,330 per metric ton in 2011, compared to USD 856 per metric ton in 2010.
The company’s operating profit amounted to USD 65.5 million, significantly higher than the operating profit of USD 26.1 million during the same period in 2010. The difference is mainly explained by the USD 30.2 million non-operating assets provision and USD 9.2 million crew severance payments recorded in 2010.
EBITDA came to USD 90.6 million on revenues of USD 213.3 million, representing 42.5 percent of net sales, compared to an EBITDA of USD 84.2 million on revenues of USD 217.5 million representing 38.7 percent of net sales for the same period in 2010. EBITDA per ton was USD 597, compared to USD 539 in 2010.
Operating profit for the first nine months of 2010 was USD 65.5 million, compared to USD 26.1 million during the same period in 2009.
