Source: www.aqua.cl
On Monday, May 30, Blumar S.A. announced its financial results for the first quarter, showing that the company’s consolidated operating revenue totaled US$88.4 million, representing a 5% increase compared to the same period in 2015.
“This is mainly explained by higher sales in the aquaculture segment of 16%, with a sustained increase in selling prices observed from January 2016 onwards, with favorable growth in the last half of March as a consequence of the algae bloom,” Blumar detailed in its report.
The fishing segment, meanwhile, reported lower sales of 14% compared to the same quarter last year, due to lower sales volume of fish meal and fish oil and a significant adjustment in fish meal selling prices. Furthermore, the company emphasized, jack mackerel fishing has been “well above 2016,” which implies larger inventories of frozen jack mackerel and available meal to be sold during the second quarter of this year.
Ebitda
Regarding pre-fair value adjustment Ebitda (gross operating profit calculated before financial expense deductibility) for January-March 2016, Blumar reported it was US$1.4 million, a figure US$10.9 million lower than that obtained in the same quarter of 2015.
More specifically, the aquaculture-fishing company recorded a net profit of US$8.8 million in the first quarter of 2016, which compares favorably with US$1.7 million from the same period of the previous year.
Regarding the adjustment of biological assets to fair value, it specified that it yielded a gain of US$15.3 million during the first quarter of 2016, which compares with a loss of US$2.0 million in the same quarter of last year, which is explained, as the company emphasized, by the increase in Atlantic salmon selling prices.
“In addition to the above, notable among the relevant facts is an estimated savings of over 50% in the fleet’s petroleum cost due to lower diesel prices and greater operational efficiency,” the Blumar financial report notes.
Download here the reasoned analysis presented by the company to the Securities and Insurance Superintendency (SVS): Blumar_primer_trimestre_2016
