Pescanova’s 1Q sales edge up 6.5%
Continuing its upward trajectory, Spain’s Grupo Pescanova reported a net sales increase of 6.5 percent during the first quarter 2012 to reach EUR 351 million (USD 455 million).
Consequently, net profit of EUR 9 million (USD 11.6 million) represented a 5.7 percent increase compared to 2011, while gross operating profit increased by a healthy 11.7 percent over the same period in 2011.
Reporting to the National Commission of the Securities Market on Wednesday, the company attribute the “good results” to the implementation of its 2011 growth strategy and its range of aquaculture projects which have showed a higher than expected increase to EUR 114.9 million (USD 149 million) compared to EUR 81.5 million (USD 105.6 million) last year.
Of this, crustaceans accounted for EUR 81.5 million (USD 105.6 million) while finfish represented EUR 30.4 million (USD 39.4 million).
The company’s turbot farming projects saw sales volumes increase from 353 metric tons in the first quarter of 2011 to 1,069 metric tons in the first quarter 2012, with output expected to reach more than 8,000 metric tons live weight by the end of 2012.
Its vannamei shrimp production volume has reached 40,000 metric tons compared with 26,851 metric tons in 2011.
In addition, salmon farming is projected to produce more than 50,000 metric tons by the end of 2012 having grown 62.8 percent to 9,892 metric tons this first quarter.
Highlighting the “consistent and stable” operations within its traditional business, the company’s domestic seafood market saw a modest growth of 1 percent over the year, while external sales performed well showing a first quarter increase of 12 percent to now account for 53 percent of total sales.
This confirms market analyses showing the lull in domestic seafood consumption.
At press time, the company’s share value was up 1.68 percent.