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Salmones Multiexport posted earnings of USD 1.88 million in Q1. Last year, it posted a heavy loss for the same period. (Photo: Salmones Multiexport)

Multiexport Foods’ revenues rebound

Click on the flag for more information about Chile CHILE
Friday, May 07, 2010, 00:30 (GMT + 9)

Salmones Multiexport, a subsidiary of the firm Multiexport Foods SA, registered earnings (EBIT) of USD 1.88 million during Q1 2010. These returns denote a remarkable recovery against the loss of USD 15.3 million the company sustained in the same period of last year.

It is the first quarter in more than two years in which the group and its Chilean subsidiary generated revenue in all its returns.

The positive margin in operations registered during 2010 was due to the recovery of the average harvest weight of Atlantic salmon and the increase in prices in all markets, said the company in the report they submitted to Chile's Securities and Insurance Commission (SVS).

"These prices have marked record levels during the first quarter of the year and it is hoped that they continue along this trend for the next quarters,” the company added.

In the report submitted to the SVS, the company details estimates made by the analyst of Kontali markets and Multiexport Foods, that reveal the worldwide Atlantic salmon production fell 13.8 per cent in the first months of 2010 as a result of the 73.9 per cent decline registered in Chile (with respect to the same 2009 period).

That fall could not be covered by the increases in production that other producing countries obtained, like Norway (17.8 per cent) and the United Kingdom (5 per cent), mainly.

In terms of trout, worldwide production dropped 29.1 per cent, also to a large extent because of the smaller Chilean production (32.2 per cent) in relation to 2009.

In the case of Atlantic salmon, Chilean exports during both first months descended 57.9 per cent with respect to last year.

Meanwhile, during Q1 2010, the price of each pound of fresh Atlantic salmon filet on average in the American market (the most relevant for Chile) fetched USD 4.63, that is, 39.3 per cent more than in the same three months of 2009.

Furthermore, each pound fetched USD 5.58 in the last week of April, 36.8 per cent more than by late 2009.

As far as trout, Chilean exports during January and February of this year increased 17.6 per cent in comparison to the two same months of 2009.

According to Jose Ramon Gutierrez, president of the firm Salmones Multiexport, “2010 will be for recovering trust.”

The Chilean salmon farming industry will initiate a stage of productive and financial recovery this year, following the crisis sparked by infectious salmon anaemia virus (ISA) outbreaks in 2007 and the enactment of the new General Fisheries and Aquaculture Law (LGPA) last March.

Related article:

- Multiexport: '2010 is a year for recovering trust'

By Analia Murias
[email protected]
www.fis.com

 

 


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