In the current financial year Copeinca ASA boost its financial position as the earnings before interest, taxes, depreciation and amortization increased six fold in the third quarter when compared to the same period last year, at the same time near doubling its top line. Copeinca ASA’s CEO, Samuel Dyer Coriat informed that the result marks another quarter in which the effects of the company’s delivered acquisitions are taking hold.
Coriat added that with the transition to an individual quota system in Peru, expected within the first fishing season of 2009, the company expects these effects to improve even further. The result show that the company has achieved an EBITDA of USD 27.4 million on revenues of USD 70.1 million in the third quarter of 2008 compared to an EBITDA of 4.6 million on revenues of USD 37.8 million in the same period the year before. Operating profit was USD 18 million in the third quarter of 2008 compared with a loss of USD 0.2 million in the same period of 2007.
The company states that in the first nine months of 2008, Copeinca ASA achieved an EBITDA of USD 62.5 million on revenues of USD 205.4 million. The corresponding figures for the same period in 2007 were USD 17.4 million and USD 80.6 million, respectively. The sales volume during the third quarter touched 64,840 MT (of which around 64,614 MT from Copeinca and 226 MT from acquired companies in 2007), up from 41,826 MT in the corresponding period in 2007.
Now the company is ready for the second fishing season, commencing on November 15th. The quota will be distributed in two periods allowing up to 1,000,000 tons each. Copeinca reiterates its previous prediction of an EBITDA improvement of 30-40 percent under an individual quota system, which is to be achieved through fleet and plant optimization and improvement in fishmeal quality within 2010.
