Decline of salmon price didn’t dent Australis Seafood’s earnings

First Q2 results post-Chinese acquisition.

Australis’ operational EBIT increased to USD 38.7 million (EUR 35 million) in the second quarter of the year, up 40 per-cent from USD 27.6 million (EUR 25 million) a year before, the Chilean salmon farmer posted in a financial report for the period from 1 April to 30 June 2019.

China’s Joyvio Group, subsidiary of the Chinese conglomerate Legend Holdings Corporation bought 100% of shares of Chile’s Australis Seafoods for a price of US$ 880 million earlier this year.

The increase came despite a fall in prices of salmon (3.5 per-cent) and trout (2.9 per-cent) for the producer with earnings rising as a result of increased harvests (20 per-cent) – though sales remained flat at a 0.4 per-cent increase.

The company brought online seven new Atlantic salmon farms and new centres for coho and trout, increasing the value of its biological assets by USD 37.4 million (EUR 33.8 million).