Copeinca sees ‘unusually larger’ 1H sales
Despite fishing bans and port closures, Copeinca reported successful financial results for the first half of 2012, including successfully finishing its first fishing-season quota.
The company caught 100 percent of its quota and processed 15.5 percent of the total Peruvian mackerel quota, out of which 4.8 percent came from third parties.
The Peru-based company produced 93,800 metric tons (MT) of fishmeal and 25,800 MT of fish oil.
Revenues for the first half of 2012 were USD 168.1 million and EBITDA was USD 57.1 million, up from USD 41.5 million during the same time period last year.
The company attributes the increase to significantly larger volumes during the second fishing season of 2011, resulting in "unusually larger" volumes sold in the first quarter of 2012, as well as a lower inventory of fishmeal.
The 2012 quota for mackerel and jack mackerel was 120,00 MT, which has already been reached. Copeinca caught 11,800 MT, which were sold entirely to the domestic market.