Salmones Camanchaca SA has recorded an increase of 93% in operating revenue from Q2 2021, due to higher prices and increased sales volume, according to its Q2 2022 report. In other words, the amount reached USD 97.4 million.
In addition, the market prices reached record high levels during the quarter, with prices on Atlantic salmon up 48% year-over-year and the sales volume increased 36%. The average sales price of Atlantic salmon was up 48% from Q2 2021, translating into USD 22 million in additional net income compared to Q2 2021.
Besides, the company explained that ex-cage harvest costs for the quarter were 17.6% lower than the same period last year. Then, operations were severely impacted by algae blooms and oxygen deficiencies. Costs are also impacted by inflationary pressure, particularly on feed.
On the other hand, it experienced a processing cost reduction. This was caused by higher processing volumes and positive results from implemented efficiency projects in the company's processing plants.
Moreover, group EBITDA was positive USD 25.7 million, compared with a negative USD 10.6 million in Q2 2021. Operational EBIT before fair value adjustments ended at USD 21.2 million. So, up from a negative USD 14.6 million in Q2 2021.
Regarding the biomass mortality for Atlantic salmon, this is returning to normalized levels after a very challenging 2021. The feed conversion ratio for the last 12 months was 1.13, the lowest level ever for Salmones Camanchaca.
About the Q2 222 performance, vice chairman Ricardo García, commented: "The profitability of the business returned to normal as a result of the Atlantic salmon price increase. Due to high demand and a decrease in world supply. Inflationary and feed cost pressures continue and will be reflected in higher costs compared to our long-term trends estimates."
