Corpesca manages to reduce loss by 44pc
2016-11-16 11:27:29   copyfrom:    hits:

Corpesca fishmeal (Photo: Corpesca)CHILEWednesday, November 16, 2016,02:30 (GMT + 9)The financial results released b

Corpesca fishmeal. (Photo: Corpesca)


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Wednesday, November 16, 2016, 02:30 (GMT + 9)


The financial results released by Corpesca show that as of September 30, the fishing company managed to reduce the losses attributable to the owners of the parent firm by 44.7 per cent, compared to last year, despite lower fishmeal and fish oil prices.

The company reported that between January and September this year it registered a negative result attributable to the parent company of USD 16.3 million, consisting of a positive gross profit of USD 59.7 million, distribution costs of USD 33.2 million, administration expenses of USD 29.4 million and the rest of the results and taxes that originated a negative value of USD 13.3 million.

These results are compared with a loss of USD 29.5 million recorded in the same period last year, which included a positive gross profit of USD 128.3 million, distribution costs of USD 34.7 million, administrative expenses of USD 28.1 million, and the rest of the results and taxes that originated a negative value of USD 94.9 million.

As of September 30, 2016, the result of the parent company Corpesca S.A. in its fishing business, excluding the results of related companies, was negative in USD 48.3 million. This result is attributed mainly to the negative effects of El Niño phenomenon, which "has had a severe impact on the activity since last year". As a result of the above, in the year 2015 the parent company recorded a loss of USD 5.98 million in its fishing business.

The physical volume invoiced by the parent firm during the first nine months of this year was 57,937 tonnes of fishmeal and fish oil, 30 per cent lower than in the same period of 2015.

With respect to average billing prices in dollars, Corpesca reported that for the same periods a decrease of 18 per cent was observed for fishmeal and a 7 per cent increase for fish oil.

The company explained that at the operational level, it obtained a lower result than that of the January-September 2015 period due to lower prices for fishmeal, lower sales volume and higher sales costs.

Corpesca expects a market with more stable prices for the coming months, at levels close to the average prices obtained during this last quarter. However, in its report it pointed out that this condition could vary depending on the quota set by Peru for the second anchovy catch season.

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