Camposol Holding reports first quarter 2010 results
(Thomson Reuters ONE) -
CAMPOSOL reported sales of USD 25.8 million in the first quarter 2010, which was
21.5% lower than in the first quarter last year, while EBITDA before fair value
adjustments (b.f.v.a.) was USD 4.6 million, up 210% from the corresponding
quarter in 2009. Also the EBITDA margin increased, from 4.5 to 17.8% in this
quarter.
The main reasons for the reduction in revenue for the quarter was that CAMPOSOL
has stopped producing (2008) and selling (in 2009) artichokes, which had an
impact of USD 2.8 million, and that a difference in the timing of the harvest of
shrimps resulted in USD 2.0 million lower sales from shrimps this period.
However, improvements in both selected prices and overall unitary costs more
than compensates for this, and increased the EBITDA (b.f.v.a.) margin to 17.8%
in the period.
"I am pleased to see that our continuous focus on operational efficiencies is
resulting in higher yields and lower costs, making us able to maintain the
positive trend of increasing the EBITDA - as we have for the last six
consecutive quarters," says Fabio Matarazzo, CEO of Camposol.
Also, Camposol's focus on liquidity and financial position resulted in a
decreased level of working capital and bank debt.
The European economy is under pressure these days, due to the financial
difficulties that, among others, Greece and Spain is facing. Since Europe is
one of Camposol´s main markets, the company is taking contingency measures to
mitigate a possible negative impact on sales, by reducing spot sales and
focusing on extended programs with selected clients and redirecting volumes to
other geographic areas.
CAMPOSOL will continue to focus on operational improvements and strengthening
the financial position. Further cost reductions, working capital optimization,
debt reduction and liquidity and cash flow focus are all central to achieve
profitable growth going forward.
The company is currently analyzing new opportunities to consolidate its market.
CEO Fabio Matarazzo and CFO Jorge Ramirez will host a conference call today,
Thursday 27 May 2010 at 4:00 pm CET/ 09:00 am Lima. For details on the
conference call, please visit Camposol's website; www.camposol.com.pe
Please see the full first quarter 2010 report and presentation enclosed (or
click on the links below of this release is received by e-mail.)
For further information, please contact:
CEO, Fabio Matarazzo
fmatarazzo(at)camposol.com.pe
CFO, Jorge Ramirez
jramirez(at)camposol.com.pe
Phone: +511 621-0804
Fax: +511 221-4478
www.camposol.com.pe
About CAMPOSOL
Camposol is the leading agro industrial company in Peru, involved in the
cultivation, processing and commercialization of agricultural products such as
asparagus, sweet peppers, avocado, mango, grapes and tangerines. These are
exported as fresh, preserved or frozen products mainly to markets in Europe and
the United States of North America. Camposol encompasses a totally integrated
business from the production of raw material in the fields to processing in the
industrial plant and subsequent commercialization in Europe and the United
States. Camposol has around 25,000 own hectares of which over 6,000 are already
used for agricultural purposes, operates in 2 different locations in the
Peruvian coast, and has one fully owned processing plant for fresh, preserved
and frozen products. The company has around 10,000 part and full time employees.
This information is subject of the disclosure requirements acc. to §5-12 vphl
(Norwegian Securities Trading Act)
[HUG#1419076]
Camposol Q1 2010 Presentation: http://hugin.info/138464/R/1419076/369263.pdf
Camposol Q1 2010 Report: http://hugin.info/138464/R/1419076/369262.pdf
Unternehmensinformation / Kurzprofil:
Datum: 27.05.2010 - 08:01 Uhr
Sprache: Deutsch
News-ID 21533
Anzahl Zeichen: 0
contact information:
Town:
Lima 13
Kategorie:
Business News
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