FIRST QUARTER 2010 FINANCIAL RESULTS
(Thomson Reuters ONE) -
Copeinca ASA achieved an EBITDA of USD 18.5 million on revenues of USD 58.7
million in the first quarter 2010 compared to an EBITDA of USD 5.6 million on
revenues of USD 41.7 million in the same period the year before. Operating
profit was USD 8.4 million compared to the operating loss of USD 2.0 million for
the same period in 2009.
Volume sold during the first quarter 2010 was 42,369 MT vs. 51,209 MT of
fishmeal in the first quarter of 2009.
Cost of goods sold during the first quarter 2010 was USD 877/MT up from USD
692/MT in the corresponding period of 2009, mainly due to an increase in costs
of third party raw material.
Revenue per ton (fishmeal and fish oil) for the first quarter 2010 had an
average of USD 1,385/MT up from USD 815/MT in the first quarter of 2009.
Fishmeal price had an average of USD 1,377/MT vs. USD 779/MT in the first
quarter of 2009 and fish oil price was USD 901/MT vs. USD 538/MT in the same
period the year before.
During the first quarter 2010, Copeinca placed USD 175 million, 9% coupon bonds
due 2017. The bonds were oversubscribed with demand reaching around USD 700
million. The net proceeds from the bond issue have been used to refinance the
existing USD 120 million medium term financing facility of COPEINCA, to finance
its capital expenditures and for general corporate uses.
"Copeinca has experienced the first two fishing seasons with ITQ, and we have
started to see the improved efficiency the new system allows. Through a
significant reduction in the assets needed to operate and a substantial increase
in quality and freshness of our products, we confirm an improved profitability
of 30% to 40% when compared with the old system. We expect to be able to deliver
that promise in 2010." says CEO Samuel Dyer Coriat.
Copeinca will be hosting a conference call presentation and Q&A session for
investors, analysts and media today Wednesday, May 19th, 2010, at 4:00 p.m.
(Central European Time (3:00 p.m. GMT, 10:00 a.m. EST, 7:00 a.m. PST). Please
find presentation material and conference call details attached. The latter were
also posted via www.newsweb.no
www.copeinca.com
For further information, please contact:
CEO Samuel Dyer,sdyerc(at)copeinca.com.pe
CFO Eduardo Castro-Mendivil,ecastromendi(at)copeinca.com.pe
Tel. (511) 213-4000
About Copeinca ASA
Copeinca ASA is one of the largest fishmeal and fish oil producers in Peru. The
Company produces its fishmeal and fish oil from anchovy harvested off the coast
of Peru, and most of it´s production is exported. Key countries for export are
China, Japan, Germany, Canada, Chile and Denmark. Typical customers are fish
and animal feed producers. Copeinca ASA runs its operations out of Lima and has
its fleet. Copeinca ASA has 10 plants located in strategic locations all around
the Peruvian coast line. The company has around 2,000 part and full time
employees.
Please visit www.copeinca.com
This information is subject of the disclosure requirements acc. to §5-12 vphl
(Norwegian Securities Trading Act)
[HUG#1416977]
Presentation of 1st quarter 2010: http://hugin.info/137275/R/1416977/367484.pdf
1st quarter 2010: http://hugin.info/137275/R/1416977/367485.pdf
Unternehmensinformation / Kurzprofil:
Datum: 19.05.2010 - 08:01 Uhr
Sprache: Deutsch
News-ID 21118
Anzahl Zeichen: 0
contact information:
Town:
Lima 13
Kategorie:
Business News
Diese Pressemitteilung wurde bisher 203 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"FIRST QUARTER 2010 FINANCIAL RESULTS"
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