Camposol Holding reports third quarter 2009 results
(Thomson Reuters ONE) - Camposol Holding Plc. reported sales of USD 25.9 million in the thirdquarter 2009 compared to USD 31.2 million in the second quarter.The sales in the third quarter were negatively affected by loweravocado harvest volumes in the 2009 season than the 2008 season dueto the natural alternate bearing of the crop. In the third quarter2009 the harvested avocado volume was at 1,774 MT, down from 11,807MT in the third quarter 2008. The lower production resulted in anincrease in price of 71% from the corresponding period in 2008.Also, the margins in preserved white asparagus were reduced in thequarter, due to higher costs of inventories produced in 2008 combinedwith a lower selling price in 2009.The EBITDA margin increased to 9.7% in the third quarter from 6.8% inthe second quarter due to the previously announced cost initiativesas downsizing and other operating efficiencies that has resulted in areduced unitary costs and fixed expenses.EBITDA before fair value adjustment was USD 2.5 million in the thirdquarter compared to USD 2.1 million in the previous quarter of theyear.After the end of the third quarter, Camposol has announced that theCEO of the Company, Mr. Juan José Gal'Lino has informed the Boardthat he has an intention to resign from his position. The Board ofCamposol has initiated a search for a new CEO of the company.Also, after the end of the quarter, Camposol has agreed with CreditSuisse to unwind the company's currency SWAP and to amend the USD 65million loan agreement. Camposol no longer holds any currency hedginginstrument.Camposol expects the current market conditions to continue for thefollowing quarters, and remains confident that the US avocado marketto open, at the latest, before the second quarter 2010.CEO Juan Jose Gal'lino and CFO Piero Dyer will host a conference calltoday, Wednesday 25 November 2009 at 03:00 pm CET. For details on theconference call, please visit Camposol's website; www.camposol.com.pe(Press/ News)Please see the full third quarter 2009 report and presentationenclosed (or click on the links below of this release is received bye-mail).For further information, please contact:CEO, Mr. Juan José Gal'Lino jgallino(at)camposol.com.peCFO, Mr. Piero Dyer pdyer(at)camposol.com.pe Phone: +511 621-0804About CAMPOSOLCamposol is the leading agro industrial company in Peru, involved inthe cultivation, processing and commercialization of agriculturalproducts such as asparagus, sweet peppers, artichoke, avocado, mango,grapes and tangerines. These are exported as fresh, preserved orfrozen products mainly to markets in Europe and the United States ofNorth America. Camposol encompasses a totally integrated businessfrom the production of raw material in the fields to processing inthe industrial plant and subsequent commercialization in Europe andthe United States. Camposol has around 25,000 own hectares of whichover 6,000 are already used for agricultural purposes, operates in 2different locations in the Peruvian coast, and has one fully ownedprocessing plant for fresh, preserved and frozen products. Thecompany has around 10,000 part and full time employees.Please visit www.camposol.com.pehttp://hugin.info/138464/R/1357026/329982.pdfhttp://hugin.info/138464/R/1357026/329984.pdfThis announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
Datum: 25.11.2009 - 08:00 Uhr
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