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Who is the most profitable salmon producer in Chile?

All companies reported strong results, but earnings per kilo of salmon vary across the board.

Chilean salmon farmer Multiexport topped the list of public salmon farmers in terms of profitability for Atlantic salmon and coho salmon, although all Chilean companies reported good results for 2016 as a direct result of strong salmon prices in international markets.

Despite the damage caused by the algal bloom, companies were able to offset the fall in production with a sharp increase in revenue.

All in all, Chile produced 675,500 metric tons of salmon – including Atlantic salmon, coho and trout – 19.3 percent below production of 2015.

Of that total, 297,449 metric tons were harvested by six companies: Camanchaca, Australis, Multiexport, Marine Harvest, Blumar and AquaChile, making up for 41.76 percent of the harvests.

Other producers include Mitsubishi's Cermaq (which includes Salmones Humbdolt) , Los Fiordos, Ventisqueros, and mid-size producers Nova Austral, Salmones Magallanes, Yadran and Salmones Austral.

Of the trading companies (with the exception of Los Fiordos), Multiexport was the most profitable per kilo of Atlantic salmon during the year, with earnings before interest and taxes of $0.85 (€0.80) per kilo.

Camanchaca came second, with an EBIT per kilo of $0.72 (€0.68), followed by Australis, $0.52 (€0.49), Blumar $0.46 (€0.43) Marine Harvest $0.11 (€.10) and AquaChile, who lost $0.05 (€0.05) for every kilo of Atlantic salmon produced.

In the coho business, Multiexport was once again the most profitable, with an EBIT of $0.98 (€0.93) per kilo, followed by AquaChile, who reported an EBIT of $0.66 (€0.62) per kilo and Australis, with $0.16 (€0.15) per kilo.

Camanchaca, Blumar and Marine Harvest only process Atlantic salmon.

In the trout business, AquaChile was the most profitable, posting an EBIT per kilo of $1.03 (€0.97), while Multiexport made $0.40 (€0.38) per kilo and Australis lost $0.07 (€0.07) for every kilo of trout produced.

AquaChile harvested a total 81,616 metric tons of salmon including all species, and was followed by Multiexport, with 60,887 metric tons, Australis, with 53,754 metric tons, Marine Harvest with 36,931 metric tons, Camanchaca, with 32,644 metric tons, and Blumar with 31,617.

In general terms, Multiexport reported the highest earnings before interest, taxes, depreciation and amortization (EBITDA), followed by AquaChile, Camanchaca, Australis and Blumar.

These results are on the companies’ salmon businesses, Camanchaca and Blumar also have fishing operations, Marine Harvest counts with a feed segment, and AquaChile also produces tilapia.




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