Copeinca ASA close to tripled its earnings before interest, taxes, depreciation and amortization in the first half of 2008 when compared to the same period last year. The significant increase in both revenues and EBITDA is attributable to the Company’s acquisition strategy, which has been fully delivered and is already yielding targeted effects.
The Company achieved an EBITDA of USD 35 million on revenues of USD 135.3 million in the first half of 2008 compared to an EBITDA of 12.8 million on revenues of USD 42.8 million in the same period the year before. Operating profit was USD 19.1 million in the first half of 2008 compared with a profit of USD 8.1 million on the same period of 2007.
In the second quarter 2008, Copeinca ASA achieved an EBITDA of USD 24.9 million on revenues of USD 67.3 million. The corresponding figures for 2007 were USD 4.6 million and USD 21.1 million, respectively.
Volume sold during the first half of the year was 135,500 MT (of which around 114,000 MT from Copeinca and 21,800 MT from acquired companies in 2007), up from 37,230 MT in the corresponding period in 2007.
The first fishing season ended on June, yielding a total catch of 3,147,000 MT of which Copeinca had a 14.84% of participation. During this first season Copeinca produced 103,000 MT of fishmeal and 22,650 MT of fish oil (4.9% yield).
At the end of the second quarter, Peruvian authorities passed long awaited ITQ legislation, which signifies that capture quotas in the future will be awarded to each vessel based on capacity and catch statistics. The individual quota system will be in place as soon as regulations are ready, expected within the next two fishing seasons.
Copeinca ASA reiterates its previous prediction of an EBITDA improvement of 30-40% under an individual quota system, which is to be achieved through fleet and plant optimization and improvement in fishmeal quality within 2010.
