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Invermar loses USD 14 million in the first nine months

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Wednesday, December 11, 2019, 01:50 (GMT + 9)

Invermar reports that by the end of the third quarter of 2019 it presented operating income of USD 173.3 million, up 7% compared to the same period of 2018, when the level of sales reached USD 162.0 million.

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This result is mainly explained by the incorporation of companies as a result of the merger between Invermar S.A and Surmar S.A.

In the salmon segment, there was the incorporation of Pesquera la Portada S.A, a company dedicated to the production and marketing of fishmeal and fish oils, mainly from salmon waste. Meanwhile, in the services segment, the welboat and shipyard services performed by Península S.A and Astilleros Calbucos S.A respectively have been added.

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EBITDA without fair value adjustment was USD 7.7 million, well below the USD 34.5 million recorded as of September 2018.

As of September 2019, Invermar S.A records losses of USD 14.3 million, compared to profits of USD 16.1 million recorded in the same period last year.

The company explains that losses registered by 3Q 2019 are mainly affected by a fair value adjustment of less USD 11.2 million and an increase in sales costs in the salmon and oysters segment.

With respect to the income of the salmon segment, Invermar highlights a decrease in volumes sold, due to a decline in the company's harvests. The WFE (whole fish equivalent) harvest level was 15,481 tons by 3Q 2019, compared to 23,144 tons in the same period of the previous year.



Fishmeal sales reached 10,109 tons and fish oil sales, 14,655 tons.

The main products sold by Invermar S.A. are Atlantic salmon and coho salmon. By 3Q 2019, 94% of the volume of salmon sales corresponded to Atlantic salmon and 6% to coho salmon (10,137 and 702 tonnes, respectively).

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