Blumar posts 88% increase in sales, EBIT down 97%

editorial staff

Increase in output in Q3 dragged down by low prices.

Blumar has posted its latest Q3 reports to Chile’s Financial Market Commission (CMF). Revenue at USD 358 million, was up 19 per-cent compared to Q3 2019. However, it saw a 97 per-cent drop in EBIT compared to the year before.

In the salmon farming segment, the low results were due to a 28 per-cent drop in the average sales price compared to the same period of the previous year.

Q3 volumes of Atlantic salmon sales increased by 88 per-cent compared to the same period in 2019, caused by the start of harvests in the Magellan region.

“It should be noted that during the third quarter of this year the operation of the Entrevientos plant began, with an installed capacity of 50,000 WFE tons per year,” Blumar wrote.

Blumar added that the sinking of its storm-ravaged site in July took a USD 12.1 million loss.

Last month, the salmon farmer wrote that it had rescheduled its debt with at least five banks and had been granted USD 300 million in new financing.