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Copeinca fishmeal plant. (Photo: Copeinca)

Copeinca's Q1 revenues fall due to lower volumes

  (PERU, 5/16/2013)

Despite the best prices of fishmeal and fish oil in Q1 this year, Copeinca ASA obtained lower revenues than those last year: USD 36 million compared to USD 99 million. This result is a consequence of lower inventory levels of fishmeal and fish oil from the second fishing season of the prior year due to significantly reduced capture volumes.

The company’s fishmeal and fish oil stocks on 1 January 2013 were 7,848 tonnes against 76,829 tonnes a year prior.

In Q1 2013, 5,942 tonnes of mackerel and jack mackerel were caught, generating revenues of USD 3 million, representing approximately 12 per cent of the quota allocated by the Peruvian government.

At the end of Q1 2013, Copeinca had an EBITDA of USD 4.5 million, down from USD 34.2 million reached in Q1 2012, and an EBITDA margin of 12.5 per cent in 2013 down from 34.5 per cent in 2012. This is mainly attributable to a lower beginning inventory of fishmeal from the second fishing season of 2012 due to a strong cut in catches, driven by a lower quota of 810,000 tonnes versus 2,500,000 tonnes in 2012.

EBITDA for the first quarter of 2013 was USD 4.5 million on revenues of USD 36.1 million, against USD 34.2 million on revenues of USD 99.1 million year-on-year.

The volume sold was 18,429 tonnes in Q1 2013, down from 77,734 tonnes a year ago.

During Q1 2013, average fishmeal price was USD 1,744/ton and average fish oil price was USD 2,102/ton, compared to an average fishmeal price of USD 1,212/ton and an average fish oil price of USD 1,357/ton during Q1 2012. Weighted average price was USD 1,957/ton in Q1 2013 compared to USD 1,274/ton in the first three months of 2012.

Total cost of goods sold (COGS) for this first quarter was USD 1,511/ton or USD 27.8 million compared to USD 742/ton or USD 57.7 million in Q1 2012 -- an increase of USD 769/ton mainly explained by higher off-season period expenses allocated to lower volumes of production, higher fuel consumption by the fleet and higher prices for raw materials (driven by the lower quota allocated for the second fishing season of 2012 and the difficult catches).

Related articles:

Copeinca had difficult year in 2012
Q4 brought better results for Copeinca

By Natalia Real
[email protected]

Information of the company:
Address: Calle Francisco Graña 155, Urb. Sta. Catalina
City: Lima
State/ZIP: (Lima 13)
Country: Peru
Phone: +51 1213 4000
Fax: +51 1213 4034
E-Mail: [email protected]
More about:

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