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The salmon company expects to produce 29,000 tonnes of salmon and trout this year. (Photo: Multiexport)

Multiexport advances towards recovery in production

Click on the flag for more information about Chile CHILE
Friday, January 14, 2011, 00:50 (GMT + 9)

The salmon company, Multiexport Food S.A., expects to recover to production levels not seen since five years ago by 2012, before the crisis that hit the industry due to outbreaks of the infectious salmon anemia (ISA) virus.

The company successfully completed its capital increase process and is leading salmon exports, so it is on track to achieve its ultimate recovery in production.

The salmon company expects to complete its 2010 harvest by cultivating two centers in the Aysen region and by stocking 1.3 million smolts.

They project production to reach 29,000 tonnes (around 16,000 tonnes of Atlantic salmon and 13,000 tonnes of trout), volumes that will allow them to surpass other companies for the 2011-2012 period, reports Diario Financiero.

For 2011, they aim to reach 25,500 tonnes of Atlantic salmon and 6,000 tonnes of trout, and to reach 37,000 tonnes of salmon and 6,000 tonnes of trout in 2012, volumes not seen since 2007, when Multiexport managed to produce 42,569 tonnes.

In addition, the presentation of its financial performance, reported the salmon firm successfully completed its capital increase process which started in September 2010.

The company issued and placed a total of 223 million shares of the same series, which allowed them to obtain CLP 42.56 billion (USD 89 million) worth of finance.

This result was rated as positive by both the company and its stock brocker, LarrainVial.

However, a glitch occurred this week when Multiexport shares recorded the biggest fall in the last five months.

This happened after the National Marine Fisheries Service (Sernapesca) reported that centers which are suspected of carrying the ISA virus rose from 10 to 11 between 15 and 31 December 2010.

In terms of production capacity, the salmon firm reported that they have 85 concessions in Regions X and XI and that they intend to incorporate some 15 concessions over the next two years. Allowing them to reach a production potential of 100,000 tonnes.

With regard to exports, Multiexport claims to lead sales in terms of both value and volume for salmon between January and November 2010.

According to reports from SalmonChile, the company exported 10,816 tonnes of salmon for USD 92.1 million, which when added to their revenues from shipments of trout, this figure amounts to USD 140.5 million.

Overall, the success in the stock market, the projected increase in production, coupled with a series of production changes planned by the company, shows a glimps to a clear path to recovery in production.


By Silvina Corniola
[email protected]
www.fis.com

 

Photo Courtesy of FIS Member  Multiexport Foods S.A.
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