Source: www.aqua.cl
In contrast to the aquaculture business, Blumar’s fishing segment during the third quarter of 2016 recorded a total processed catch of -16%. This is added to the contraction of almost 12% in the year-to-date accumulation, decreasing from 180,000 to 161,000 tons.
The Superintendency of Securities and Insurance (SVS) recently published Blumar Seafoods’ financial statement, which details that in relation to the June-September 2015 period, the results of the aquaculture-fishing company during the same quarter of this year were higher both in terms of revenues and EBIT, Ebitda and net profit. Specifically, this last indicator reached US$9.6 million, which compares favorably with a loss of US$8.2 million for that period of last year.
Meanwhile, considering the accumulated figure as of September 2016, the company’s net profit reaches US$23.2 million, a positive figure compared to the net loss of US$1.8 million accumulated in January-September 2015. This result is explained fundamentally by the adjustment of biological assets fair value.
In the aquaculture business, the third quarter of 2016 highlighted the significant 44% increase in the average selling price of salmon, which went from US$4.28 to US$6.18/kg WFE (equivalent to whole fish), compared to the same period in 2015. “This increase is explained in large part by the adjustment in the supply of Atlantic salmon as a consequence of the algal bloom that occurred at the beginning of the year”, the company clarified to the regulatory body, adding that on an accumulated basis, the increase in average price is 6% compared to the first nine months of the previous fiscal year.
In the fishing segment, meanwhile, during the third quarter of 2016 the total processed catch fell by 16% compared to the same period in 2015 and by 11.8% in the year-to-date accumulation, decreasing from 180,000 to 161,000 tons. “Operations have been marked by low availability of sardine and anchovy in the Biobío Region and a general decline in fishing in the Atacama Region, which is attributable to the oceanographic phenomenon of El Niño”, Blumar argued.
However, in the case of jack mackerel, the resource has been present in good abundance and nearby fishing zones, which, combined with the decline in fuel prices, contributed to a reduction in the cost of fishing and processing frozen jack mackerel.
On the side of product prices in this segment, a general fall in prices stands out, with flour accumulating a decline of -15%, -6% in the case of oil, and -22% in the case of frozen jack mackerel, compared to the accumulated prices as of September 2015.
Operational Revenues
Blumar’s consolidated operating revenues during the third quarter totaled US$94.2 million, representing a 23% increase in relation to the same quarter of 2015. The company emphasized that this is explained mainly by higher sales in the aquaculture segment of 55%, which originate fundamentally from a better average price. This contributed positively to offsetting the negative effect of lower sales in the fishing sector of -4%, originated mainly by a lower level of selling prices for all segment products.
As of September 30, meanwhile, the accumulated revenues of the fishing business were US$111.9 million, representing 38% of consolidated sales, while in the same period of 2015 this proportion corresponded to 48%.
“If we compare revenues by product for September 2016 and 2015, the relative contribution of fish meal and fish oil sales decreases together from 31% to 23%. In the case of frozen jack mackerel, the relative contribution of this product decreases from 11% to 7%”, the company specified.
Regarding aquaculture business revenues as of September 30, 2016, it detailed that they reached US$180.1 million, representing 62% of total revenues that compare with 52% of the same nine months of last year. Here stands out the increase in the relative contribution of Atlantic salmon sales, moving to 60% in 2016 from 48% in the same period of 2015.
