COPEINCA ASA PRESENTS FIRST QUARTER 2011 FINANCIAL RESULTS
(Thomson Reuters ONE) -
Copeinca ASA achieved an EBITDA of USD 7.5 million on revenues of USD 27.7
million in the first quarter 2011 representing 27.1% of net sales compared to an
EBITDA of USD 18.5 million on revenues of USD 56.4 million representing 32.8% of
net sales for the same period in 2010.
Volume sold during the first quarter 2011 was 18,099 MT vs. 42,369 MT of
fishmeal in the first quarter of 2010. Such decrease is due to lower inventory
of fishmeal from the second fishing season of the prior year (7,551 MT as of 31
December 2010 vs. 36,135 MT as of 31 December 2009) due to shortfall in the
capture of the given quota.
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 2011 had an
average of USD 1,532/MT up from USD 1,331/MT in the same period the year before,
including USD 2.1 million revenues from the sale of mackerel and jack mackerel.
Fishmeal price had an average of USD 1,398/MT vs. USD 1,377/MT in the first
quarter of 2011 and fish oil price was USD 1,482/MT vs. USD 901/MT in the first
quarter of 2010.
EBITDA per ton decreased from USD 438/MT in 2010 to USD 413/MT in 2011 as a
result of the higher fixed costs allocated to inventories in Q4'10 which have
been sold in 2011, due to the shortfall of the second fishing season 2010.
Copeinca finished successfully the first fishing season in the South zone: 0.4
million tones of quota were allowed, of which Copeinca has 3% of quota.
Copeinca processed 28,114 MT, producing 6,413 MT of fishmeal and 1,137 MT of
fish oil.
The construction of the three new vessels is completed and they are expected to
be ready for fishing in May 2011. The plant conversion program is also expected
to be finished on the same month.
Out of the USD 25 million CAPEX budget, USD 10.1 million were executed in the
construction of three new vessels and the conversion of plants from Flame Dried
(FD) to Steam Dried (SD).
Copeinca will be hosting a conference call presentation and Q&A session for
investors, analysts and media today Wednesday, May 4th, 2011, at 4:00 p.m.
(Central European Time (3:00 p.m. BST, 09:00 a.m. EST, 10:00 a.m. EDT). Please
find presentation material and conference call details attached. The latter were
also posted via www.newsweb.no (ticker; COP) and www.copeinca.com on May
4th, 2011.
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 its production is exported. Key countries for export are
China, Japan, Germany, Canada, Chile and Denmark. Typical customers are fish
and animal feed producers as well as refineries for omega-3 products. Copeinca
ASA runs its operations out of Lima and has its own fleet. Copeinca ASA
operates 6 plants located in strategic locations all around the Peruvian coast
line. The company has around 2,000 part and full time employees.
Please visitwww.copeinca.com
This information is subject of the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.
1st quarter 2011:
http://hugin.info/137275/R/1512141/447627.pdf
COPEINCA Invitation Q1 2011 Results:
http://hugin.info/137275/R/1512141/447628.pdf
Presentation of 1st quarter 2011:
http://hugin.info/137275/R/1512141/447626.pdf
This announcement is distributed by Thomson Reuters on behalf of
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(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Copeinca via Thomson Reuters ONE
[HUG#1512141]
Unternehmensinformation / Kurzprofil:
Datum: 04.05.2011 - 08:01 Uhr
Sprache: Deutsch
News-ID 54211
Anzahl Zeichen: 4728
contact information:
Town:
Lima 13
Kategorie:
Business News
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