Copeinca ASA achieved an EBITDA of USD 10.1 million on revenues of USD 68.1 million in the first quarter 2008 compared to an EBITDA of USD 4.6 million on revenues of USD 21.1 million in the same period the year before. Operating loss was USD 1.4 million in the first quarter 2008 compared with a profit of USD 2.8 million in the same period of 2007.
Volume sold during the first quarter 2008 was 74,351 MT (of which 54,922 MT from Copeinca and 18,648 MT from the targets acquired in 2007), up from 19,355 MT in the corresponding quarter in 2007.
In the first quarter 2008, Copeinca finalized mergers of the acquired companies, Piangesa being the last one on 1 March 2008.
The first fishing season window began on 21 April and finished on 5 May 2008, while the second fishing season window will start on 2 June 2008. Preliminary results show that as of 5 May 2008 there has been a total catch of 1,900,000 MT with an average daily catch of 135,000 MT.
As per 21 May 2008, Copeinca ASA controls 10 plants with a total plant capacity of 1,288 MT/hr (14.5% of total Peruvian plant capacity) and a fleet comprising 64 vessels and a capacity of 22,071 cubic meters (10.5% of total Peruvian fleet capacity).
About Copeinca ASA
Copeinca ASA is one of the largest fishmeal and fish oil producers in Peru. The Company produces its fishmeal and fish oil from anchovy harvested off the coast of Peru, and most of it’s production is exported. Key countries for export are China, Japan, Germany, Canada, Chile and Denmark. Typical customers are fish and animal feed producers. Copeinca ASA runs its operations out of Lima and has its fleet. Copeinca ASA has 10 plants located in strategic locations all around the Peruvian coast line. The company has around 2,000 part and full time employees.
