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Salmones Camanchaca has informed that during the first quarter of 2024, its Atlantic salmon harvests decreased by 11% to 9,911 WFE, and Coho harvests dropped by 54% to 1,139 TM WFE.
These figures were affected by fish loss of appetite due to increased solar radiation, resulting in low harvest weights and the postponement of some harvests to the second quarter.
In addition, the price of Atlantic salmon fell by 13% ($6.76/Kg WFE) while that of Coho dropped by 27% ($4.75/Kg WFE), which explains nearly half of the EBITDA decrease to $4.3 million, significantly lower to 2023 record ($25.4 million).
Also, Atlantic salmon quarterly costs (ex-cage, live fish), rose by 15% due to low weights and the use of oxygen supplements and sea lice treatments.
For these reasons, Ricardo García Holtz, Vice President of Salmones Camanchaca, attributed the weak results to an unusual drop in demand and prices, as well as to cost increases that he called "extraordinary".
Finally, the 2024 Q1 Net Result of the Chilean translates into a loss of $1.3 million, which also compares negatively to the profit of US$ 7.9 million in Q1 2023.
Regarding the revenues, Salmones Camanchaca recorded an increase of 3%, reaching $117 million. The higher sales volumes of Atlantic and Coho salmon and the reduction in inventories explain this data.
On the other hand, the company mentioned the favorable evolution of biological conditions, measured by fish survival rates and other sustainability indicators over the last 12 months. The sea cycle has been reduced by 2 months.
"There are other factors that have reduced the competitiveness of the Chilean industry, including the increased frequency of algal incidents and/or low oxygen levels, and the fact that regulatory developments have been putting up obstacles and additional costs that stifle development," Holtz assured.
According to a new assessment by the country's Central Bank, Chile's salmon farming sector has regained its position as the second-largest contributor to national exports, totaling US $6.47 billion in 2023.
