As per the press communiqué of Copeinca the company has posted an EBITDA of USD 18.5 million on revenues of USD 58.7 million in the first quarter 2010 compared to an EBITDA of USD 5.6 million on revenues of USD 41.7 million in the same period the year before. The company has registered the operating profit at USD 8.4 million compared to the operating loss of USD 2.0 million for the same period in 2009.
The release also states that the volume sold during the first quarter 2010 was 42,369 MT vs. 51,209 MT of fishmeal in the first quarter of 2009. Cost of goods sold during the first quarter 2010 was USD 877/MT up from USD 692/MT in the corresponding period of 2009, mainly due to an increase in costs of third party raw material.
According to the company the revenue per ton (fishmeal and fish oil) for the first quarter 2010 had an average of USD 1,385/MT up from USD 815/MT in the first quarter of 2009. Fishmeal price had an average of USD 1,377/MT vs. USD 779/MT in the first quarter of 2009 and fish oil price was USD 901/MT vs. USD 538/MT in the same period the year before.
Copeinca placed USD 175 million, 9 percent coupon nods due 2017 in the first quarter. The net proceeds from the bond issue have been used to refinance the existing USD 120 million medium term financing facility of COPEINCA, to finance its capital expenditures and for general corporate uses. CEO Samuel Dyer Coriat said that the company has experienced the first two fishing seasons with ITQ, and we have started to see the improved efficiency the new system allows.
He added that through a significant reduction in the assets needed to operate and a substantial increase in quality and freshness of our products. He confirm an improved profitability of 30 percent to 40 percent when compared with the old system. We expect to be able to deliver that promise in 2010.
