Salmon plant. (Photo: Multiexport)
Multiexport Foods records higher sales and income
Wednesday, September 11, 2013, 03:10 (GMT + 9)
Multiexport Foods recorded sales for USD 168.5 million in the first half of this year, representing an increase of 32.2 per cent year on year. The company attributes this result to the higher sales volume, which exceeded by 39.6 per cent from the same period last year.
According to the latest report by the company, 29,989 tonnes of raw material were sold in the first six months of 2013: 25,957 tonnes of Atlantic salmon and 4,031 tonnes of trout, volumes representing annual increases of 39.6 per cent and 138,5 per cent, respectively.
But the higher sales volume was partially offset by lower prices, which "were influenced by the low prices during the last quarter of 2012."
Multiexport reported that at the end of the second quarter of 2013, total assets of the parent company and its subsidiaries reached USD 458.8 million, that is to say, 1.3 per cent more (USD 5.8 million) compared to December 2012.
Furthermore, equity increased to USD 160.7 million (USD 7 million attributable to minority interests) from USD 152.8 million recorded up to last December.
These figures are explained by the sale of 30 per cent of the subsidiary Sociedad Productora de Salmones y Truchas SA and by accumulated profits through June, 2013 of USD 0.6 million.
This subsidiary was sold in late June to Mitsui & Co. from US -- a subsidiary of the Japanese company Mitsui & Co. Inc. -- for USD 36 million, and generated a profit of USD 28.5 million before taxes.
In June, 2013, Multiexport Foods ranked as the top exporter of Atlantic salmon and smoked salmon of the domestic salmon industry.
The company Sociedad Productora de Salmones y Truchas, created on 2 January, is involved in farming, processing and marketing Pacific salmon and trout.
When Multiexport in January announced the agreement reached with Mistui, its executive vice president, José Ramón Gutiérrez, said they hoped "to mark a new era for the Multiexport Foods."
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By Analia Murias
Photo Courtesy of FIS Member Multiexport Foods S.A.