Copeinca fishing vessels. (Photo Credit: Copeinca)

Copeinca reports losses despite good catch results in H1

The important Peruvian fish oil and fishmeal producer, Copeinca, has reported a sharp fall in profits for the first half of 2013 despite having successfully completed its first fishing season's quota.

In the first six months of this year, the company achieved an EBITDA of USD 11.7 million, USD 47 million below that reported for the same period in 2012. The EBITDA margin was also lower than in 2012: it went down from 34.9 per cent to 21.5 per cent.

Copeinca attributed this fall to a lower initial inventory of fishmeal and oil for the second fishing season of 2012 -- due to a lower fishing quota authorized by the Peruvian authorities for last year --, and the delay in the start the first fishing season this year. To this, the lower sales volumes are added because of the slow demand from China, as a result of bad weather that delayed the start of the aquaculture season in the country.

However, the company also reported slightly better results than last year: it reported an average income of USD 2,035 per tonne compared to USD 1,317/tonne in 2012.

Copeinca earned about USD 4.2 million in revenue during the first quarter from the catch of 7,286 tonnes of mackerel and horse mackerel for human consumption, which represented approximately 14 per cent of the total allowable catch.

And in the first half of the year, it managed to capture 40 per cent of the total anchovy quota of 400,000 tonnes authorized by the Peruvian authorities.

In the second quarter of 2013, the average price of Aqua grade fish oil was USD 2,380/tonne, against USD 1,596/t in the same period of 2012, and that having Omega grade reached USD 2,879/tonne compared to to USD 2,052/t.

As for fishmeal, the average price in the second quarter of this year was USD 2,035/metric tonne FOB Peru for Super Prime fishmeal, USD 512/t more than in the same period of 2012.
 

By Gabriela Raffaele
editorial@seafood.media
www.seafood.media

Address:	Calle Francisco Graña 155, Urb. Sta. Catalina
City:	Lima
State/ZIP:	(Lima 13)
Country:	Peru
Phone:	+51 1213 4000
Fax:	+51 1213 4034
E-Mail:	sales@copeinca.com.pe
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