According to Copeinca ASA it has achieved an EBITDA of USD 5.6 million on revenues of USD 41.7 million in the first quarter 2008 compared to an EBITDA of USD 10.1 million on revenues of USD 68.1 million in the same period the year before. It is also said that the company has registered the operating loss was USD 2 million compared to the operating loss of USD 1.4 million for the same period in 2008.
The report mentioned that the sale volume in the first quarter 2009 was 51,209 MT vs. 74,351 MT of fishmeal in the first quarter of 2008. Cost of goods sold during the first quarter 2009 was USD 692/MT down from USD 734/MT in the corresponding period of 2008, mainly due to changes in costs of raw material, ban period expenses and other production expenses.
It is said that during the first quarter, the first fishing season under the ITQ system began on April 20th. Copeinca was awarded 10.65 percent of the quota for 2009, equal to 586,000 MT of anchovy, based on an estimated total quota of 5.5M MT. Samuel Dyer Coriat, CEO, said that Copeinca is now operating under the ITQ system successfully, we anticipate savings to start in the second quarter 2009, benefits will be fully delivered within 2010.
The company in its release reiterates its previous prediction of an EBITDA improvement of 30-40 percent under the ITQ system, to be achieved through fleet and plant optimization and improvement in fishmeal quality within 2010.
