Chilean salmon farming and fisheries giant Camanchaca posted a second quarter $4 million (€3.3 million) pre-tax loss, dragged down primarily by the performance of its salmon division, which struggled under the market chaos of COVID-19.
The loss is a sharp turnaround from last year when the company reported a pre-tax profit of $6.5 million (€5.4 million).
Seafood companies in general suffered from a massive slump in demand from the foodservice sector in the second quarter as the COVID-19 pandemic and lockdown restrictions led consumers to stay home.
Total revenues at Camanchaca, including for the company's combined salmon farming, fishing and mussel production operations, rose 5 percent to $146.3 million (€122.4 million).
A 17 percent increase in fishing revenues was balanced against a 1 percent decline in salmon revenues and a 7 percent decrease in the mussel-producing division.
The company's salmon farming operations, Salmones Camanchaca, are a separately listed company on the Oslo Stock Exchange.
Salmones Camanchaca's Atlantic salmon harvest volumes climbed 50 percent from a year earlier to 10,670 metric tons.
The company posted earnings before interest, taxes depreciation and amortization (EBITDA) of $4.7 million (€3.9 million) in the same three-month period last year.